The price of crude oil concluded the previous session with evident bearish momentum, preserving its position below the 84.55 level. This ongoing bearish outlook hinges on the necessity of breaching the support at 83.10, a move that would facilitate the path toward our main anticipated target at 81.20.
A significant influence in sustaining this bearish trend is the EMA50, which continues to exert downward pressure on the price, further reinforcing the continuation of the suggested bearish wave. It’s crucial to note that this bearish scenario remains valid as long as the price maintains its stance below 81.20.
Today’s anticipated trading range lies between the support level at 82.00 and the resistance at 85.00. The prevailing trend for today leans bearish, subject to the condition mentioned above.
