Crude oil has revisited the significant daily support level at $67. The price has previously shown a strong rebound by respecting this support. There is a possibility of a bullish reversal taking place, potentially forming a triple bottom pattern. However, it is important to consider the alternative scenario where the price maintains a bearish sentiment. In this case, a bearish breakout below the support level could occur, leading to a decline below this level and potentially establishing a new low for the year 2023. Traders and investors should closely monitor the price action and market conditions to gauge the direction and strength of the crude oil market.
