Crude oil prices surged significantly yesterday, reaching a critical resistance level at $79.60. Notably, the EMA50 coincides with this level, bolstering its significance, while the RSI signals a notable decline in positive momentum.
Considering the completion of a double top pattern, we anticipate a potential resumption of the corrective bearish trajectory. Our projected target is a retest of $77.64.
However, should the price continue its ascent and breach the $79.60 barrier, it would invalidate the anticipated decline, potentially paving the way for further intraday gains.
Expected Trading Range:
The anticipated trading range for today oscillates between the support level of $77.60 and the resistance level of $80.70.
Trend Forecast:
Based on our analysis, the trend forecast leans towards a bearish outlook.