Crude oil prices experienced a robust upward rally in the previous session, surging towards the crucial resistance level at $79.60. It’s noteworthy that the EMA50 coincides with this level, reinforcing its significance, while the RSI signals a notable loss in positive momentum.
Despite the recent bullish movement, there are indications suggesting a potential resumption of the correctional bearish trajectory, influenced by the completion of the double top pattern. The next target is projected to test the $77.64 level once again.
However, should the price continue its ascent and breach the $79.60 resistance, it would negate the anticipated decline, potentially paving the way for further intraday gains.
Expected Trading Range
- Support: $77.60
- Resistance: $80.70
Trend Forecast: Bearish
