Crude oil prices concluded the previous week below the $77.64 mark, signaling a probable continuation of the downtrend in forthcoming sessions, with anticipated targets set at $76.45 and subsequently $75.25. The EMA50 indicator is exerting sustained downward pressure on the price, reinforcing the expectation of a bearish trajectory. However, a breach above $77.64, followed by $78.25, could halt the projected decline and prompt a reversal towards upward movement.
The projected trading range is expected to fluctuate between the support level of $75.70 and the resistance level of $78.70.
Trend Forecast: Bearish