Crude oil trading analysis: US crude oil may fall to $69.64 per barrel
Reuters technical analysts pointed out on Friday (February 7) that US crude oil may fall to $69.64 per barrel, as it briefly fell below the support level of $71.19 per barrel.
After hitting 71.19 on February 4th, the contract has attempted to break below this support level for the second time, and there is a high possibility of an effective drop.
The forecast analysis of the C wave starting from $75.22 shows a target price of $69.64, which may be completed near this point as there are multiple bullish deviations in RSI per hour, indicating that the downward trend has been exhausted.
At present, the initial resistance level is at $71.77, and breaking through this resistance level may push oil prices up to the range of $73.09 to $75.22. The daily chart shows that oil prices have fallen below the support level of $71.19.
Breaking below this level opened a channel to $68.93, approaching the 61.8% retracement level of $69.64 (1-hour chart). If the closing price on February 7th is higher than $71.19, it will indicate that falling below that level is a false drop.
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