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Crude Oil Prices Dip Below $81.84 Amid Bearish Outlook

by Daisy

Today, crude oil prices have started on a negative note, breaching the crucial $81.84 level and showing signs of further downward movement. Analysts suggest this confirms a bearish trend for both intraday and short-term perspectives, setting a trajectory towards the next significant target at $80.08. This level marks a key 38.2% Fibonacci correction from the recent bullish wave, with a breach potentially extending declines towards $78.66.

Market expectations point towards continued downward momentum in upcoming sessions, contingent on staying below resistance levels at $81.84 and $82.60. Only overcoming these hurdles could stall the current bearish sentiment and prompt a reevaluation towards reestablishing bullish momentum.

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Today’s trading outlook suggests a range-bound movement between support at $79.60 and resistance at $82.50.

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Trend Forecast: Bearish

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