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Crude Oil Prices Experience Downturn, Set to Extend Bearish Trend

by Jennifer

Crude oil prices have undergone further negative trades, achieving the anticipated downside target at $71.70 and stabilizing at this level. Analysts are signaling a continuation of the bearish sentiment, advocating for a breakthrough below this support level and a return to the established bearish channel visible on the price chart. This would be followed by a resumption of the primary bearish trend, aiming for downside targets starting at $70.40 and extending to $67.04 in the short term.

The persistent bearish outlook is reinforced by the price’s position below the Exponential Moving Average (EMA50). It is essential to highlight that a breach of the resistance level at $73.73 could potentially interrupt the anticipated decline, leading to a temporary recovery in the intraday context.

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Traders and investors are advised to take note of the expected trading range for the current session, with a support level identified at $70.00 and resistance at $73.00. The prevailing trend for the day is anticipated to be bearish, contingent on the maintenance of key support levels and broader market dynamics.

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