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Crude Oil Price Analysis: Bearish Trend Expected

by Daisy

Current Scenario

Crude oil prices have failed to maintain their position above $79.60, falling below this level and closing the daily candlestick under it. This movement indicates potential negative pressure on the price in the upcoming sessions, suggesting a decline towards the next main target of $77.64.

If the $77.64 level is breached, the bearish trend is likely to continue, pushing prices down to $75.24 in the near term.

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Expected Trading Range

Support: $77.50

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Resistance: $80.50

Trend Forecast: Bearish

The current indicators and recent price actions suggest a bearish trend for crude oil in the near term, with significant downside potential if key support levels are broken.

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