Crude Oil Price Faces Persistent Downward Pressure, Aims for $67.04 Target

Crude oil prices are witnessing continued decline, solidifying expectations for the continuation of the primary bearish trend within the established bearish channel. Traders anticipate a visit to the $67.04 level as the next significant target.

The EMA50 acts as a supporting factor for the ongoing bearish wave. A decisive break below the targeted level could lead to further losses, extending towards the $65.00 areas. It’s crucial to monitor the $69.35 level, as breaching this point would interrupt the anticipated decline and open the door for intraday bullish attempts.

Expected Trading Range: $66.80 (Support) – $69.80 (Resistance)

Expected Trend: Bearish