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Crude Oil Price Analysis: Bearish Trend Continues

by Daisy

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.

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Expected Trading Range

Support: $76.00

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Resistance: $79.00

Trend Forecast: Bearish

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