The price of crude oil is currently experiencing a substantial decline, nearing the anticipated target of 82.00. This decline reflects persistent downward pressure on the market, suggesting the potential for further losses in both the intraday and short-term contexts. The next downside targets following the breach of 82.00 are 80.55 and 79.10.
Consequently, the bearish trend scenario remains applicable for the foreseeable future, bolstered by the negative influence of the EMA50. It is important to consider that a failure to break through the 82.00 level could prompt the price to attempt a recovery, potentially leading to a bullish wave aimed at testing the 84.55 level initially.
For today’s trading session, market participants should be prepared for a trading range spanning from the support level at 81.00 to the resistance level at 84.00.
In summary, the price of crude oil is on a continued downward trajectory, with key levels dictating future movements. While the bearish scenario persists, traders should remain vigilant for any potential reversals.
