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Crude Oil Prices on a Downward Trajectory, Set to Test Key Support Levels

by Daisy

In the ongoing analysis of crude oil prices, the market anticipates a further decline, edging closer to the initial target of $77.64. Projections indicate a sustained downward trend, with potential for downward pressure to breach this level and pave the way for a subsequent decline towards $75.24.

Technical indicators, notably the Exponential Moving Average (EMA50), reinforce the prevailing bearish sentiment, bolstering expectations for a continued downward trajectory.

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It’s noteworthy that a breach of the resistance level at $79.40 would interrupt the anticipated decline, potentially initiating a reversal towards the upside, with initial targets set around the $81.50 mark.

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In terms of expected trading ranges, the market is anticipated to fluctuate between the support level of $76.60 and the resistance level of $79.60.

Overall, the trend forecast remains bearish, reflecting prevailing market sentiments and technical indicators suggesting a downward movement in crude oil prices.

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