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Crude Oil Price Breaks Key Support Level

by Jennifer

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.

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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.

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