In recent trading, crude oil prices experienced a notable downturn, with a robust downward movement leading to a breach of the $79.60 threshold. The day concluded with the daily candlestick closing below this pivotal level, signaling a shift towards negative momentum in the forthcoming sessions. Analysts foresee further downward pressure, advocating an initial target zone of $77.64.
Consequently, market sentiment leans bearish for the current trading day. Should prices breach the $79.00 mark, analysts suggest that achieving the aforementioned target will become more attainable. It’s imperative to note that a resurgence in prices, marked by a breach and sustained hold above $79.60, could reignite an intraday bullish trend, with a primary target set around $81.50.
The expected trading range is forecasted to fluctuate between the support level of $77.70 and the resistance level of $80.60, reflecting ongoing market volatility and uncertainty.
In light of recent developments, the overall trend forecast remains bearish, signaling potential challenges for oil prices in the near term.
