Crude oil prices have continued their downward trajectory, reaching the negative target of $68.64 outlined in previous technical analysis. However, the price has since stabilized at this level, showing signs of an upward shift as it begins to rise with today’s market opening. This suggests a potential for a new bullish wave to develop on an intraday basis, with an immediate target of $70.58.
Given the current Relative Strength Index (RSI) readings, the bullish outlook remains favored for today. However, if the price breaks below $68.64, the positive scenario would be invalidated, potentially leading to further declines, with support seen in the $67.45 to $67.00 range in the near term.
Traders can expect the price to trade within a range today, with support at $67.10 and resistance at $71.10.
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