Crude oil prices tested the key resistance level at $68.64, but failed to break through, resulting in a bearish bounce. This supports expectations for continued downward movement in the short-term and intraday outlook. A break below the $67.00 barrier would open the path for a potential decline towards the next major target at $65.50.
The negative pressure from the 50-period Exponential Moving Average (EMA50) further reinforces the likelihood of a bearish wave. However, if crude oil manages to breach the $68.64 resistance level, the decline will be halted, and recovery attempts could push the price towards $69.30, possibly extending to $70.58 before any new bearish attempts materialize.
Trading Outlook
The suggested bias for today is bearish, with the price expected to target $65.50 if the $67.00 support is broken. Any breach above $68.64 could lead to recovery and a test of higher levels.
Expected Trading Range: Between $66.40 (support) and $69.40 (resistance).
Trend Forecast: Bearish.
A bearish outlook remains intact unless Crude oil surpasses $68.64, which could trigger a shift towards recovery.
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