Current Scenario
Crude oil prices have failed to maintain their position above $79.60, falling below this level and closing the daily candlestick under it. This movement indicates potential negative pressure on the price in the upcoming sessions, suggesting a decline towards the next main target of $77.64.
If the $77.64 level is breached, the bearish trend is likely to continue, pushing prices down to $75.24 in the near term.
Expected Trading Range
Support: $77.50
Resistance: $80.50
Trend Forecast: Bearish
The current indicators and recent price actions suggest a bearish trend for crude oil in the near term, with significant downside potential if key support levels are broken.