Crude oil prices have rebounded after approaching the $68.60 mark, effectively canceling the previously anticipated double top pattern. This upward movement now sets the stage for a potential test of the critical resistance level at $70.58. The price is expected to fluctuate within a sideways range between these levels, with a breakout above or below these thresholds likely determining the next direction.
For today’s trading, a bearish outlook is suggested on an intraday basis. If the price manages to breach the $70.58 resistance, it is likely to continue its upward momentum, targeting $72.15. On the other hand, if the price falls below the $68.65 support level, it could face renewed downward pressure, potentially reaching $67.00 as the next support zone.
The anticipated trading range for today is between $68.50 on the downside and $71.50 on the upside.
Trend Forecast: Sideways
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