The price of crude oil has made a significant move by breaking below the 88.20 support level. It has established itself below this crucial level, marking a return to the corrective bearish trajectory and indicating a potential downtrend with initial targets set around the 84.55 price area. This bearish sentiment is supported by the fact that the price is trading below the EMA50.
As a result, we anticipate further declines on an intraday basis, which could be preceded by temporary sideways fluctuations influenced by positive signals from the stochastic indicator. Nevertheless, it’s important to note that a breach above 88.70 would negate the bearish scenario and prompt the price to attempt a recovery towards the primary bullish trend.
For today, the projected trading range is situated between the support at 85.40 and the resistance at 88.50. The overall expected trend for today is bearish.
