Today’s open sees crude oil prices continuing their downward trajectory, edging closer to the critical threshold of $77.64. Analysts anticipate this negative momentum persisting, with expectations of the price breaking this level and setting sights on further declines toward $75.25 as the next significant target.
The prevailing bearish trend is reinforced by the downward pressure exerted by the EMA50, signaling a dominant downward trajectory in the forthcoming sessions. However, should the price breach $79.60, it could interrupt the anticipated decline and prompt a potential reversal towards reclaiming the primary bullish trend.
Trading experts project the expected trading range for the day to hover between the support level of $76.40 and the resistance level of $79.40.
Overall, the trend forecast for crude oil remains bearish, underscoring the prevailing sentiment of downward pressure in the market.