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Crude Oil Price Analysis: Bearish Trend Forecasted as Resistance Holds Firm

by Daisy

Crude oil prices surged significantly yesterday, reaching a critical resistance level at $79.60. Notably, the EMA50 coincides with this level, bolstering its significance, while the RSI signals a notable decline in positive momentum.

Considering the completion of a double top pattern, we anticipate a potential resumption of the corrective bearish trajectory. Our projected target is a retest of $77.64.

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However, should the price continue its ascent and breach the $79.60 barrier, it would invalidate the anticipated decline, potentially paving the way for further intraday gains.

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Expected Trading Range:

The anticipated trading range for today oscillates between the support level of $77.60 and the resistance level of $80.70.

Trend Forecast:

Based on our analysis, the trend forecast leans towards a bearish outlook.

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