Crude oil prices have maintained their upward trajectory, reaching the levels of the recently recorded high at 88.18. However, the market has experienced a bearish reversal, indicative of a potential resumption of the anticipated correctional bearish trend in the intraday perspective. This bearish sentiment is underscored by the appearance of the third consecutive lower high on the price chart, with an initial target at 85.75. It’s noteworthy that a breach of this level could potentially push the price down to 84.25.
Consequently, we anticipate further declines in the upcoming trading sessions. However, it is essential to highlight that breaking above 88.18 would nullify the negative scenario, potentially leading the price to reestablish its main bullish trend.
For today’s trading, the expected range is projected to span from the support level at 84.50 to the resistance level at 88.50. This range serves as a pivotal zone for traders to monitor, as it could provide valuable insights into potential market movements.
In summary, while crude oil prices have recently achieved their third consecutive high, a bearish correction appears to be in the cards, with the initial target set at 85.75 and a possible further decline to 84.25. A breakthrough of 88.18 would, however, alter this bearish outlook and revive the main bullish trend.
