The price of crude oil is currently displaying minor upward fluctuations, and there is a possibility it may test the crucial resistance level at 88.18 before retracing lower. This fluctuation is influenced by the stochastic indicator showing signs of positivity.
As of now, the scenario of a corrective bearish trend remains valid, contingent upon the preservation of the 88.18 level. A breach of this level would signal a potential return to the primary bullish trend. To shift the focus towards negative targets, the price must break below 87.00. Once this is achieved, the path is cleared for an anticipated decline towards initial targets at 85.75, with the potential to extend further to 84.25 after surpassing the previous level.
For today’s trading, the expected range may fluctuate between support at 86.00 and resistance at 88.80.
In summary, the current outlook maintains a bearish sentiment, with price stability below 88.18 deemed essential to sustain this trajectory.
