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Crude oil prices have recently tested the $70.58 level but have remained stable below this threshold. Market analysts anticipate a resumption of the bearish trend, with an initial target of $68.60. A break below this level could further extend the decline, potentially reaching $67.00.
The 50-day Exponential Moving Average (EMA50) continues to provide support for this bearish outlook. Conversely, should prices breach the $70.58 mark, a rise to the significant resistance level of $72.15 could be expected before any further downward movement.
For today, the anticipated trading range for crude oil is between $68.60 as support and $71.60 as resistance.
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