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