Crude oil prices have confirmed a break below the bullish channel’s support line, signaling the start of a bearish correction on an intraday basis. The immediate target for the downside movement is $77.53, with a further drop to $75.53 expected if this level is breached.
Additionally, the formation of a double top pattern further supports the bearish outlook for the upcoming sessions. However, a break above $79.30 would invalidate the negative scenario, potentially allowing prices to recover and resume the broader bullish trend.
For today, the anticipated trading range is between $77.00 on the support side and $80.00 on the resistance side.
Trend Forecast: Bearish