Crude oil prices have settled at the 84.55 level following a substantial decline witnessed in the previous trading session. To further extend the bearish correction, it is essential for this level to be broken, thereby paving the way for continued bearish movements in the forthcoming sessions. It’s worth noting that the next target in focus lies at 81.20.
The bearish sentiment is notably supported by the presence of the EMA50, which is aligning with the suggested bearish wave. However, a failure to breach the 84.55 level could potentially result in a price recovery and yield gains commencing from 87.15 and extending to 88.70.
The anticipated trading range for the day is expected to oscillate between the support level at 83.00 and the resistance at 86.00, signifying the potential range of price fluctuations. The prevailing trend for the day is bearish.
