Crude oil 11-01-2024 midday update

Crude oil prices are showing some slight bearish bias, approaching the key support of 70.80, with negative pressure forming at EMA50, supporting the continuation of the expected bearish trend today. Its objectives start with a break of the aforementioned support, opening the way towards the 70.00 level, followed by the 67.04 level on a near-term basis.

Therefore, unless 72.20 is breached and held above it, the bearish trend scenario will remain active today.

Today's expected trading range is between the 69.80 support and 72.70 resistance.

Expected trend today: Bearish