The price of crude oil concluded the previous session with evident negativity, maintaining its position below $77.64. This persistence underscores the validity of the bearish trend scenario for both the intraday and short-term outlooks, with the next target anticipated at $75.24.
The EMA50 indicator continues to exert downward pressure on the price, further reinforcing the anticipated bearish trajectory. However, a breakthrough above $77.64 might signal potential recovery attempts, with initial resistance levels projected around $79.60.
Expected Trading Range
The anticipated trading range is expected to fluctuate between the support level at $75.60 and the resistance level at $78.60.
Trend Forecast: Bearish
The overall trend forecast for crude oil remains bearish, suggesting continued downward momentum in the near term. Traders are advised to monitor price movements closely within the established trading range while considering the prevailing bearish sentiment in their decision-making process.
