Crude oil prices closed last Friday at $70.58, reinforcing expectations of a continued bearish trend in the short term. The market is now anticipating a further decline towards the $68.64 level, which is seen as the next key negative target. This outlook is supported by the price moving below the 50-period Exponential Moving Average (EMA50).
Given the current market conditions, a bearish sentiment is expected to persist in the coming period. However, if the price breaks above $70.58, it could reverse the current negative momentum, potentially leading to an attempt to form a bullish wave with a target of $72.15.
For today, the expected trading range is between $68.50 on the downside and $71.50 on the upside.
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