Crude oil price declined strongly to approach our extended target at 69.25, noting that breaking the main bullish channel’s support line is considered as additional negative signals to head towards achieving more bearish correction, noting that breaking the mentioned level will extend the bearish wave to reach 67.45 on the near term basis.
Therefore, our bearish overview will remain valid unless the price rallied to breach 71.05 and hold above it.
The expected trading range for today is between 69.25 support and 72.00 resistance.
The expected trend for today: Bearish