Expected Scenario
Crude oil prices have met the anticipated target of $77.64 and have commenced further decline, breaking below this level. This move reinforces expectations of a continued bearish trend, setting the stage for a descent towards the next negative target of $75.24.
The bearish trend scenario is projected to persist in the intraday and short-term outlooks, bolstered by the negative pressure exerted by the EMA50. However, a breach of the $77.64 level and sustained movement above it would invalidate the bearish scenario, potentially leading to a bullish wave targeting the $79.60 area initially.
Expected Trading Range
Support: $75.60
Resistance: $78.60