The price of crude oil has substantiated its break below the critical level of 84.55, a confirmation that came after it concluded the previous trading session below this pivotal mark. This has exposed the market to renewed correctional bearish pressures, with an initial target aimed at testing the 81.20 level. It is essential to note that should this level be breached, the bearish wave is likely to extend further, with the next target located around 77.85 in the near-term.
As such, the outlook for today suggests a bearish bias, underpinned by the adverse influence of the EMA50. However, it should be kept in mind that breaching the 84.55 level could halt the current downward pressure and potentially lead the price to a recovery.
Today’s Expected Trading Range and Trend
The expected trading range for the current day is anticipated to fluctuate between 81.60, offering support, and 84.80, serving as a resistance level. The dominant trend for today remains bearish, consistent with the ongoing negative sentiment impacting crude oil prices.
Market participants are advised to closely monitor these developments as they shape their strategies and positions in response to the evolving dynamics within the crude oil market.
