Crude oil price managed to break 73.90$ level and close the daily candlestick below it, reinforcing the expectations of continuing the correctional bearish trend in the upcoming sessions, opening the way to head towards 72.30$ that represents our next main target, noting that breaking this level will push the price to suffer additional losses that reach 70.30$ on the near-term basis.

 

Holding below 73.90$ is important to the continuation of the expected decline, as breaching it will lead the price to achieve intraday gains and head to test 75.53$ areas before any new attempt to decline.

 

The expected trading range for today is between 71.60$ support and 74.60$ resistance

 

Trend forecast: Bearish