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US crude oil futures experienced a significant decline, hitting the target of $69.65 as mentioned in the previous report, with a recorded low of $69.73 per barrel.
The bearish double top pattern on the 4-hour chart continues to exert negative pressure, indicating the potential for the downtrend to persist. As long as trading remains below 72.10, the downtrend is favored, targeting 69.65 initially. A confirmed break below this level could accelerate the decline, opening the path toward 68.70.
On the flip side, if prices regain stability above 72.10 and, more importantly, 72.20, the bearish scenario may be invalidated, leading to a temporary recovery with a target of 73.20.
Warning: The risk level is high, especially with ongoing geopolitical tensions, and all scenarios are possible.
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. The risk level remains high in this market, particularly due to ongoing geopolitical tensions, which could result in heightened price fluctuations.
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