Crude oil prices are on a downward trajectory, approaching the initial target of $81.84 amid the completion of a significant double top pattern. Analysis of the charts suggests a continuation of this bearish trend, with further downside potential towards $80.08.
The current scenario is bolstered by the price moving below the EMA50, indicating sustained bearish momentum. However, a breakthrough above $82.75 could signal a halt to the ongoing correctional phase, potentially initiating a rebound towards resuming the primary bullish trend.
Expected Trading Range
Market analysts anticipate a trading range between support at $80.30 and resistance at $83.40 in the near term.