Crude oil price traded with strong negativity and starts pressing on the bullish channel’s support line that appears on the chart, to head towards achieving bearish correction for the rise that started from 61.54 areas, on its way to test 71.40 level initially.
Therefore, the bearish bias will be suggested for today, and breaking the targeted level will extend the correctional bearish wave to reach 69.50 as a next target, taking into consideration that failing to break 72.45 will stop the negative scenario and lead the price to recover again.
The expected trading range for today is between 71.00 support and 73.50 resistance.
The expected trend for today: Bearish