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The price of crude oil remains volatile, hovering around the $70.58 mark. The ongoing impact of the double top pattern is keeping downward pressure on prices, supporting forecasts of a continued bearish trend in the near term. Analysts are anticipating a potential drop, with $68.60 identified as the next key target.
However, if the price breaks above the $72.15 threshold, it could invalidate the current bearish outlook. A breach of this resistance level would likely signal a shift back towards a bullish trend, with an initial target set at $73.71.
The projected trading range for today is expected to be between $69.00 as support and $72.00 as resistance.
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