The latest analysis of crude oil prices indicates a persistent upward trajectory, with the commodity approaching the critical resistance level at $79.60. However, signs of a potential reversal are emerging as the price initiates a bearish rebound from this key threshold. Notably, the convergence of the EMA50 at this level reinforces the resistance, bolstering the likelihood of a resumption in the anticipated bearish trend in the near term. Initial downside targets are anticipated to materialize with a test of $77.64, with a breach of this level setting the stage for a further decline towards $75.25.
Consequently, our outlook maintains a bearish bias for both intraday and short-term trading perspectives, contingent upon the failure to breach and sustain levels above $79.60.
The expected trading range is anticipated to span between the support level at $77.30 and the resistance level at $80.40.
In conclusion, the forecast for crude oil prices remains bearish as resistance levels persist, indicating a potential downturn in the immediate future.
