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Crude Oil Price Analysis: Bearish Outlook Prevails Amid Technical Pressures

by Daisy

In the current trading sessions, crude oil prices are witnessing a resumption of negative trading momentum, with a proximate approach to the $77.65 level. This movement signifies a potential continuation of the bearish trend, with anticipation mounting for a breakthrough of this level to confirm a downward trajectory towards $75.25. Notably, the price action is influenced by the completion of a double top pattern and the prevailing pressure exerted by the EMA50 indicator.

Conversely, a pivotal breach of the $79.60 mark would halt the ongoing correctional bearish movement, sparking initiatives towards recovery. Initial recovery targets stand at $81.50.

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Expected Trading Range:

Support: $76.50

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Resistance: $79.50

Trend Forecast: Bearish

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