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US crude oil futures continue their downward trend, reaching the official target of 65.75 from our previous report and recording a low of $65.80 at the time of writing.
On the technical side, prices remain below the simple moving averages that support the daily downtrend, and the break of the 66.55 support level has been confirmed.
Given this setup, the bearish outlook remains intact with the next target at 65.10. A break below this level could further accelerate the downtrend, potentially driving prices toward 64.30. Conversely, if trading stabilizes above 66.55 with an hourly close, there is a possibility for a short-term recovery, with initial targets around 67.40.
Risk Considerations:
Today, we are expecting high-impact US economic data on Job Openings and Labor Turnover Survey (JOLTS), which may trigger significant volatility. Additionally, ongoing trade tensions contribute to a high-risk environment, and all scenarios remain possible.
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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