FX.co ★ Oil Forecast for February 4, 2025

After reversing from the resistance level at 75.16, the price has fallen back below both the daily balance and the MACD indicator lines. This has effectively canceled the upward movement toward the January 15 peak of 80.76.

The nearest target is now the support level at 71.44. If the price breaks below this level, it could continue down to 69.74, followed by 68.45. There is also a possibility that it could drop as low as 66.60, which corresponds to the November 18 level, bringing it close to the lower boundary of what is referred to as "Trump's tolerance range."

On the H4 chart, the price has firmly consolidated below the balance and MACD indicator lines, while the Marlin oscillator remains in negative territory. The overall situation is clearly bearish. We expect the price to consolidate below 71.44 and continue its downward movement.