Crude oil prices have been on a steady decline, currently aiming to reach the anticipated target of $77.64. We foresee the bearish trend persisting, with expectations of breaking this level and extending the downtrend towards the next targets of $76.45 and subsequently $75.25.
Given this outlook, we maintain a bearish forecast for the near term. However, if the price fails to break the $77.64 level, it may trigger a recovery, potentially rising towards the $79.60 area before resuming any downward movement.
Expected Trading Range
Support: $76.00
Resistance: $79.00