Crude oil prices encountered solid resistance as attempts to surpass the upper boundary of the bullish channel proved unsuccessful. This resulted in a bearish rebound, directing the price towards a potential visit to the channel’s support line around 74.70. The prevailing outlook suggests a bearish trend for the current session, with additional confirmation anticipated upon breaching the 76.50 level.
It is crucial to highlight that a breakthrough above 77.86 would alleviate the existing negative pressure, paving the way for a resumption of the primary bullish trend. In such a scenario, the price could target gains reaching the 81.20 areas in the near term.
The projected trading range for today is expected to fluctuate between the support at 75.20 and resistance at 78.00.
