Crude oil trading analysis: oil deployment or drawdown to $73.81
On Wednesday (April 2) in the Asian market, international oil prices fluctuated narrowly, with Brent crude currently trading around $74.48 per barrel and US crude currently trading around $71.24 per barrel. Reuters technical analysts pointed out that short-term oil prices are facing some downward pressure.
Brent crude oil may rebound to $73.81
Analysts pointed out that Brent crude oil failed to break through the resistance level of $75.30 per barrel and may retrace to $73.81 per barrel.
A temporary top may have formed near this obstacle. At the same time, the five wave cycle starting at $69.89 seems to have been completed, increasing the possibility of a significant pullback.
If it breaks through $74.73, it is expected to open the way to $75.30.
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