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Crude oil prices tested the $68.60 level but remained stable below it, leading to a continuation of negative trading. The market is approaching the initial target of $67.00, with expectations of a breakout below this level to confirm an extended bearish trend towards $65.50.
The outlook for the near term remains bearish, supported by negative pressure from the Exponential Moving Average (EMA) at $50. However, should prices breach $68.65, a recovery could begin, with potential gains starting at $69.80 and progressing to $70.58.
Today’s expected trading range is set between a support level of $66.00 and a resistance level of $69.00.
Related topic:
Natural Gas vs Crude Oil: What is the Difference?
