The crude oil market commences the trading day with a pronounced downtrend, breaching the crucial support level at $83.90 and maintaining a position below it. This downward trajectory signals the potential onset of a new bearish correction in the forthcoming sessions, with an anticipated target of revisiting the $81.50 price zone.
Consequently, a bearish bias is forecasted for today’s trading activity unless a decisive breach of the $83.90 resistance level occurs, accompanied by sustained price action above this threshold. Such a breach would alleviate the current downward pressure and prompt the price to mount a challenge towards reclaiming the primary bullish trend.
Expected Trading Range:
Support: $81.70
Resistance: $84.60