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Analysis Indicates Continued Bearish Trend in Crude Oil Prices

by Daisy

The recent movement in crude oil prices has exhibited a notable downward trajectory following a test of the $83.60 level in preceding sessions. This downward momentum suggests a sustained expectation for a decline in the intraday outlook. The current trend supports the likelihood of reaching the anticipated target at $81.50, with potential for further extension of the correctional bearish wave towards the $79.60 areas, contingent upon a breach of this level.

The prevailing bearish trend scenario maintains its validity and activity, pending any substantial rally that manages to breach the $83.90 level and sustainably holds above it.

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Expected Trading Range and Trend Forecast

Support: $81.00

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Resistance: $83.00

Trend: Bearish

The analysis indicates a continued bearish sentiment in crude oil prices, emphasizing the importance of monitoring key support and resistance levels for potential shifts in market dynamics.

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