Crude oil prices opened today’s trading session with a significant bearish gap, bringing the price down to the anticipated target of $68.65. This decline indicates ongoing negative pressure is expected in the coming sessions. A further break below the $68.65 level could extend the bearish trend, potentially reaching the $67.00 mark as the next target.
The negative outlook remains valid on an intraday basis, influenced by a recently completed double top pattern. However, if prices manage to stabilize around the $68.65 level despite the prevailing negative pressure, there could be a recovery attempt to close the existing gap.
Today’s anticipated trading range is expected to fall between a support level of $67.10 and a resistance level of $70.10.
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