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Crude oil prices experienced downward pressure yesterday, revisiting the critical support level of $68.64. Maintaining consolidation above this threshold is essential to sustaining a bullish trend in the near term. If the price holds, the first target is $70.58, with a potential breakout above this level paving the way for a rise to $72.15.
However, a breach below $68.64 would invalidate the anticipated upward trajectory, exposing the market to further losses. Initial declines could target $67.50, with a potential extension to the $65.50 range.
For today, the forecasted trading range is set between the $68.00 support level and the $71.00 resistance level.
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