Crude oil prices exhibited notable downward movement, successfully achieving our projected target at 77.86. The market continues to operate within the confines of a bearish channel, heightening the likelihood of surpassing this level and sustaining the decline in the near future. It’s worth noting that the next downside targets extend to 75.50, followed by 73.75.
Consequently, the bearish trend remains the favored scenario on an intraday basis. However, it’s crucial to keep an eye on the 77.86 level, as failing to break it may lead to potential recovery attempts targeting the 81.20 range.
The expected trading range for today is projected to oscillate between support at 76.30 and resistance at 79.30.
In summary, the prevailing trend for today is expected to be bearish, with crude oil prices having reached the new target and displaying potential for further declines amid strong bearish momentum.
