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Crude Oil Faces Bearish Correction After Breaking Key Support

by Daisy

Crude oil prices have confirmed a break below the bullish channel’s support line, signaling the start of a bearish correction on an intraday basis. The immediate target for the downside movement is $77.53, with a further drop to $75.53 expected if this level is breached.

Additionally, the formation of a double top pattern further supports the bearish outlook for the upcoming sessions. However, a break above $79.30 would invalidate the negative scenario, potentially allowing prices to recover and resume the broader bullish trend.

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For today, the anticipated trading range is between $77.00 on the support side and $80.00 on the resistance side.

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Trend Forecast: Bearish

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