In the dynamic landscape of crude oil trading, prices have resumed their downward trajectory, inching closer to the $77.65 mark. Analysts anticipate a continuation of this negative trend, with the potential for further decline towards the $75.25 level, pending a decisive break below the aforementioned threshold. The market sentiment is influenced by the completion of a double top pattern and the downward pressure exerted by the EMA50.
Following a brief uptick observed yesterday evening, crude oil prices have reverted to their downward trajectory, with focus now on breaching the $77.65 level to solidify the extension of the bearish wave towards $75.25. The presence of a previously completed double top pattern, combined with the downward pressure from the EMA50, underscores the prevailing negative sentiment.
Conversely, it’s essential to acknowledge that a breach of the $79.60 mark would halt the corrective bearish wave, potentially initiating recovery attempts with an initial target set at $81.50.
In terms of expected trading ranges, support is identified at $76.50, while resistance is positioned at $79.50. The overall trend forecast remains bearish, reflecting the current market dynamics and expectations.
