Crude oil price reaches the thresholds of the waited target at 71.05, which represents 38.2% Fibonacci correction level for the rise measured from 61.54 to 76.95, falling under negative pressure formed by the EAM50, which supports the chances of breaking the mentioned level and extend the correctional bearish wave to reach 69.25.
Therefore, we will continue to suggest the bearish trend for the upcoming period, reminding you that it is important to hold below 73.30 to continue the expected decline.
The expected trading range for today is between 70.00 support and 72.50 resistance.
The expected trend for today: Bearish