FxNews—Crude Oil is in a bear market, below the 50- and 100-period simple moving averages. The prices have been moving sideways between $69.7 (immediate resistance) and $68.3 (immediate support).
From a technical perspective, the Crude Oil downtrend will likely resume if bears (sellers) close below $68.3. In this scenario, the next bearish target could be $67.6, followed by $66.8.
On the other hand, a new bullish trend could emerge if Crude Oil prices exceed $69.7. If this scenario unfolds, the current uptick could extend to $71.5.