The current assessment of crude oil prices reveals a delicate balance around the $79.60 mark, with attempts underway to solidify a breach. Despite these efforts, formidable resistance from the Exponential Moving Average 50 (EMA50) persists, coupled with indications from stochastic indicators suggesting a waning of positive momentum.
In light of these factors, there exists a high probability of the resumption of a corrective bearish trajectory, particularly with the confirmation of a double top pattern. Our projected target maintains at $77.64. However, the possibility of a breach beyond $79.80 would nullify the anticipated decline, potentially ushering in further ascents, with a significant target at $81.50.
Today’s anticipated trading range spans from the support level at $78.00 to the resistance level at $81.00.
Trend Analysis: Bearish