In the latest midday update for crude oil prices, there are noteworthy developments in the market. The crude oil price has exhibited strong bearish movements, breaking the key level of 84.55 and subsequently closing below it. This has resulted in a shift in the previously suggested negative scenario, signaling a further expected decline on an intraday basis.
As part of this bearish outlook, the price is likely to head towards the next significant downside target, which is located at the 82.00 level. Therefore, the prevailing sentiment suggests a continuation of the bearish bias in the upcoming trading sessions.
It is essential for traders and investors to monitor the 84.55 level closely. Any breach of this level, followed by a sustained position above it, could trigger new recovery attempts in the crude oil price on an intraday basis.
For the remainder of the day, the projected trading range is anticipated to be between the support level of 82.60 and the resistance level of 85.00.
Overall, the expected trend for today is firmly bearish, in line with the aforementioned factors impacting crude oil prices. This information provides valuable insights for market participants navigating the crude oil market.
