The recent movement in crude oil prices has exhibited a notable downward trajectory following a test of the $83.60 level in preceding sessions. This downward momentum suggests a sustained expectation for a decline in the intraday outlook. The current trend supports the likelihood of reaching the anticipated target at $81.50, with potential for further extension of the correctional bearish wave towards the $79.60 areas, contingent upon a breach of this level.
The prevailing bearish trend scenario maintains its validity and activity, pending any substantial rally that manages to breach the $83.90 level and sustainably holds above it.
Expected Trading Range and Trend Forecast
Support: $81.00
Resistance: $83.00
Trend: Bearish
The analysis indicates a continued bearish sentiment in crude oil prices, emphasizing the importance of monitoring key support and resistance levels for potential shifts in market dynamics.