Crude Oil Price Faces Negative Pressure but Awaits Potential Rebound

Crude oil prices have been on a declining trend, testing the critical support level at 81.20. Notably, the price has found consolidation above this level, coinciding with the stochastic indicator entering the oversold regions. This suggests the potential for a bullish rebound, with an initial target set at 84.55.

As of now, the bearish scenario remains in play. However, it’s crucial to keep in mind that a break below 81.20 would halt the expected upward movement and could lead to further bearish corrections, with the next target at 77.86.

The anticipated trading range for the day is expected to fluctuate between support at 80.50 and resistance at 83.70.

Today’s expected trend: Bullish