Advertisements

Crude Oil Price Breaks Key Support, Bearish Trend Expected to Continue

by Daisy

Crude oil prices confirmed a breakdown below the key support level of $77.53, closing the day beneath this mark. Upon further analysis, a head and shoulders pattern has formed, suggesting a continuation of the bearish correction in the short term. This pattern indicates potential targets below $75.53, with a further decline toward the $73.90 region.

As a result, the bearish outlook remains in play for the near future. However, if prices breach $77.53 and move above $78.25, the negative trend could be reversed, and the price might regain its previous bullish momentum.

Advertisements

The expected trading range for today is between support at $75.00 and resistance at $78.00.

Advertisements

Trend Forecast: Bearish

You May Also Like

blank

Futuresstocktrading.com is a comprehensive futures information portal. Whether you’re a novice or seasoned trader, find futures news, futures market, futures trading tips, and futures basic knowledge to enhance your trading prowess and financial success.

[Contact us: [email protected]]

© 2023 Copyright  Futuresstocktrading.com – Futures Market, Investment, Trading & News