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Crude oil tests key support after breaking below 200-day moving average amid bearish pressure

Market News
30 Jun 2026
FXEmpire
View Source
Neutral
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Crude oil prices remain under bearish pressure after falling below the 200-day moving average, testing a critical multi-layer support zone between $68.81 and $66.57. This zone includes a long-term downtrend line from a large falling wedge pattern, suggesting a potential base formation. If support holds, a recovery could target resistance levels near $74.75 and $81.48, but a deeper drop to $62.36 is also possible. Investors should watch for exhaustion or reversal signals to gauge the next directional move in crude oil prices.

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