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Crude oil prices closed yesterday below the $68.65 mark, bolstering expectations of a sustained bearish trend in both the intraday and short-term markets. Analysts anticipate that prices will target $67.00, followed by $65.50 as the next key support levels.
The formation of a double top pattern further supports the outlook for continued declines, compounded by negative pressure from the 50-day exponential moving average (EMA). However, a breach above the $68.65 level could halt this bearish momentum and trigger recovery attempts to close the gap that opened earlier this week.
Today, the anticipated trading range is projected between a support level of $66.00 and a resistance level of $69.00.
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