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A bearish trend dominated US crude oil futures prices during the early trading sessions this week, with prices reaching their lowest level at $72.42 per barrel.
From a technical standpoint, examining the 4-hour chart reveals the formation of a bearish inverted head and shoulders pattern. Additionally, oil prices remain below the 73.90 level, with continued downward pressure exerted by the simple moving averages.
As a result, the bearish outlook remains valid, with the first target set at 72.25. Breaking this level could amplify the losses, paving the way toward the 71.00 level as the next target.
However, if prices consolidate above 74.00 once again, this could invalidate the bearish trend, prompting a potential recovery with initial targets at 75.00.
Caution: The risk remains high due to ongoing geopolitical tensions, leaving all scenarios on the table.
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. This market’s risk level remains high, particularly due to ongoing geopolitical tensions, which could result in heightened price fluctuations.
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