Crude oil prices have approached the anticipated level of the first target at 89.35 and are currently fluctuating around the EMA50. Market analysis indicates an expectation for a continuation of the bearish trajectory, with the potential to break through the mentioned level and pave the way for further bearish correction. The subsequent target to watch for is located at 87.16.
Therefore, market participants are advised to maintain a bearish outlook in the coming sessions. However, it’s crucial to be aware that a breach of the 91.10 level would negate the bearish scenario and prompt the price to attempt a return to the primary bullish trend.
In today’s trading, the expected range is projected to fall between the support at 88.30 and resistance at 91.20. This reaffirms the current bearish trend that dominates the market.
Traders and investors should closely monitor crude oil prices, keeping a close eye on the critical support and resistance levels for potential trading opportunities.
