Expected Scenario
The crude oil price has successfully reached our awaited target at $77.64, and today commences with further decline, aiming to breach this level and consolidate below it. This reinforces the prevailing dominance of the bearish trend, setting the stage for a potential move towards the next downside target at $75.24.
Consequently, the bearish scenario is expected to persist on both the intraday and short-term basis, supported by the downward pressure exerted by the EMA50. It’s worth noting that a breach of $77.64 followed by a sustained hold above it would negate the negative outlook, potentially initiating a bullish wave targeting the $79.60 region initially.
Expected Trading Range
The projected trading range spans between the support level at $75.60 and the resistance level at $78.60.
Trend Forecast: Bearish
