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Crude oil prices recently tested the $68.64 mark, but faced significant resistance from the 50-period Exponential Moving Average (EMA), causing a decline. Currently, prices remain below this level, reinforcing the bearish outlook for the near future. The next key support levels are seen at $67.00, followed by $65.50, as the downward trend continues to dominate.
The bearish channel continues to guide the expected price movement, with any breach of the $68.64 and $69.00 levels likely signaling a reversal. Such a breakout could push prices higher, potentially reaching $70.58.
For today, the trading range is anticipated to be between a support level at $66.50 and resistance at $69.50.
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