Crude oil prices decisively broke below the $68.64 level, closing the previous session with a bearish candlestick. This clear breach has placed the commodity under mounting negative pressure, signaling potential declines in the coming sessions. Analysts forecast initial downside targets of $67.00, with further declines to $65.50 if the $67.00 level is breached.
The bearish outlook is reinforced by the EMA50 indicator, which continues to exert downward pressure. However, a recovery scenario remains possible; a breakout above the $68.64 level could halt the bearish momentum and pave the way for intraday recovery attempts.
For today, the expected trading range lies between the $66.70 support and $69.70 resistance levels.
Related topic:
How Is Gasoline Made From Crude Oil?
