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Crude oil prices are displaying subdued upward movements, nearing the EMA50, which serves as a minor resistance. Our intraday outlook maintains a bearish bias, contingent on the price remaining below the 77.86 level. The primary objective is to test the 73.73 level.
It’s crucial to note that surpassing the 77.86 level would invalidate the anticipated decline, potentially initiating a bullish wave with initial targets starting at 81.20.
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The projected trading range for the day is anticipated between the support at 74.70 and resistance at 77.70.
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Today’s Trend Projection: Bearish
