In the current analysis of crude oil prices, there persists a notable downward trajectory, with indications pointing towards a further decline. The price is anticipated to test the $78.00 barrier, edging closer to the awaited target of $77.65. Analysts suggest that this downward momentum is influenced by the completion of a previously observed double top pattern, fostering a scenario where surpassing this level could pave the path for a correctional target of $75.25.
Projections for the upcoming trading sessions lean towards a continued bearish bias, supported by the negative pressure exerted by the EMA50 indicator. It’s emphasized that breaching the $79.60 mark may incite a price recovery attempt, potentially testing the pivotal resistance levels for intraday and short-term trades situated around $81.50, before any subsequent downward movements are considered.
Today’s trading range is anticipated within the following parameters:
- Support: $76.70
- Resistance: $79.70
The overall trend forecast remains bearish, indicating a prevailing sentiment towards further price declines.
