Crude oil technical analysis: oil distribution remains neutral within the range of 66.15-67.13
On Friday (April 25th) during the Asian session, international oil prices fluctuated narrowly, with Brent crude oil currently trading around $66.65 per barrel. Reuters technical analysts pointed out that Brent crude oil appears somewhat neutral in the range of $66.15 to $67.13 per barrel, and breaking through this level may indicate future trends.
Analysts point out that pullback analysis shows that the decline from $68.71 seems to be opposite to the upward trend starting from $62, rather than the upward trend starting from $58.60.
This data indicates that the upward trend starting from $58.60 will continue. This trend may be composed of five small waves. The current E-wave may rise to $68.71.
If it breaks through $67.13, it will confirm this bullish view and target level. If it falls below $66.15, it may drop to the range of $64.56-65.36.
On the daily chart, the contract has successfully stabilized around the support level of $66.48. The stabilization of the price increases the possibility of its rebound to the range of $68.20-68.99.
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