The current analysis of crude oil prices indicates a prevailing bearish bias, with the price trajectory poised to test the crucial $78.00 barrier in the near term. Market indicators suggest a continuation of the downward trend, influenced by the completion of a double top pattern, with a target set at $77.65. Further decline beyond this level is anticipated, potentially leading to a correctional target of $75.25.
The negative pressure exerted by the EMA50 reinforces the expected bearish sentiment in upcoming trading sessions. However, a breach above $79.6 could prompt a temporary recovery, with the price aiming to challenge the significant resistance level for intraday and short-term trades at $81.50, before potentially resuming its downward trajectory.
Today’s trading range is expected to fall within the following parameters:
Support: $76.70
Resistance: $79.70
Overall trend forecast remains bearish, reflecting the current market sentiment and technical indicators.