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Crude oil prices opened today with a slight bullish trend, potentially testing the key resistance level of $70.58 before facing a decline. Analysts maintain a bearish outlook, primarily influenced by the completion of a double top pattern. A decisive break below $68.65 would pave the way for a further decline towards the $67.00 mark.
Support for the anticipated bearish movement is provided by the EMA50 indicator. This trend remains valid as long as prices stay below $70.58, with a critical threshold at $72.15.
Today’s expected trading range is set between a support level of $67.75 and a resistance level of $70.75.
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