The crude oil price has recently tested the $79.00 barrier and subsequently settled below it, signaling a potential resumption of the bearish trajectory influenced by the formation of a double top pattern on the chart. Analysts anticipate initial downside targets at $77.60, with further potential declines extending to $75.25.
The prevailing negative pressure, as indicated by the EMA50, reinforces expectations for continued downward movement in the crude oil price. This bearish outlook remains intact as long as the price maintains a position below the $79.60 threshold.
Today’s trading range is expected to see support at $77.00, while resistance is projected at $80.00.
Overall, the trend forecast for crude oil leans bearish, reflecting the current technical indicators and market sentiment.