Crude oil prices experienced a positive rally yesterday, briefly reaching the anticipated target of $70.58. However, the upward momentum was short-lived, as prices sharply reversed course and dropped towards the $68.64 level. This movement signals the potential for further declines in the coming sessions, with traders now watching for a break below $68.64 to confirm a bearish trend.
If prices manage to fall below the $68.64 support level, the next target could be $67.50, followed by $67.00, signaling a continuation of negative price action.
On the other hand, if the $68.64 support holds, oil prices may recover, with an initial attempt to retest the $70.58 resistance.
For today, the expected trading range is between the support at $67.30 and resistance at $70.30, with bearish pressure dominating unless the $68.64 level is held.
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