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Crude Oil Faces Bearish Pressures: Market Analysis and Forecast

by Daisy

Today, on June 27, 2024, crude oil prices are encountering renewed downward pressures, struggling to sustain levels above $81.50. The market has tested the crucial EMA50 support at $80.60, marking a pivotal point for traders and analysts alike. Recent trading activity has been characterized by a sideways trend, bounded by support at $80.60 and resistance at $82.10. The resolution of this range is anticipated to dictate the next significant price movement.

If the current decline persists and breaches the support level, analysts foresee potential intraday losses commencing around $79.60. Conversely, a breakthrough above the resistance could signal a return to bullish momentum, targeting higher levels, potentially reaching up to $83.90.

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Looking ahead, the expected trading range remains between $79.30 as the lower support and $82.60 as the upper resistance, highlighting the critical thresholds that will guide market sentiment and trading strategies in the coming sessions.

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