Crude oil trading analysis: oil prices may rebound slightly before falling again
On Thursday (April 3) during the Asian session, international oil prices opened low and fluctuated. US crude oil is currently trading around $69.66 per barrel, and Brent crude is currently trading around $72.92 per barrel. Reuters technical analysts pointed out that oil prices may rebound slightly before falling again.
US crude oil may rebound to $70.86 before falling
Reuters technical analysts pointed out on Thursday that US crude oil may rebound to $70.86 per barrel, then resume its decline and retest the support level of $69.25.
The significant decline on April 3rd confirmed the reversal of the upward trend starting from $66.21. The pullback analysis of the trend showed support at $69.25, or 50%, which triggered a rebound.
Strategically speaking, when the market breaks through the resistance level of $69.97, the rebound target of $70.86 will be confirmed, as the rebound may become very weak and ultimately end around this obstacle.
If it falls below $69.25, it may confirm that the downward trend will continue to move towards $66.21 (the bottom of Wave B).
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