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Crude oil prices have found stability around the Exponential Moving Average (EMA50), with a noticeable loss of positive momentum. This development strengthens the likelihood of a bearish rebound, signaling a resumption of the downward trend on an intraday basis, with the primary target at 73.73.
Anticipating negative market movements in the upcoming sessions, it’s crucial to note that a reversal of the bearish outlook and a breach above 77.86 would halt the expected decline, potentially initiating a bullish shift on both intraday and short-term scales.
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The projected trading range for the day is expected to span between the support level at 74.70 and the resistance level at 77.60.
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Anticipated Trend for Today: Overall Bearish
