Crude oil price has shown signs of recovery, breaching the $70.30 mark and attempting to hold above it. This suggests an effort to halt the recent negative pressure and potentially establish a bullish wave on an intraday basis. However, technical indicators are currently providing negative signals, which could indicate a possible decline in price once again.
Traders will need to watch for confirmation of whether the positive momentum can sustain above $70.30 or if the negative signals take effect, pushing the price lower.
Trend Forecast: Neutral to Bearish
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