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