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Crude oil price has settled below the previously breached support of the main bullish channel, affirming the ongoing corrective bearish trend scenario. The downward momentum is reinforced by the presence of the EMA50, with the primary target still situated at 84.55. Breaking this level would open the door to a further decline towards 81.20 as the next major objective.
To validate this scenario, we anticipate negative trades on the intraday basis, conditioned by the price remaining below 87.10. A breach of this level would signal a return to the bullish channel and a potential resumption of the primary uptrend.
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Today’s Expected Trading Range: 84.50 – 87.40
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Today’s Trend Outlook: Bearish
