Crude oil prices found strong support at the first correctional level of $77.53, leading to positive price action at today’s open. However, the continuation of the correctional bearish trend will depend on the last daily candlestick closing below this level, with the next target set at $75.53.
As a result, negative price movement is anticipated in the coming sessions. A breach above $78.25, however, would invalidate the bearish outlook and could signal a resumption of the main bullish trend.
The expected trading range for today is between support at $76.30 and resistance at $79.30.
Trend Outlook: Bearish