Crude oil price has once again resumed its downward trajectory, distancing itself from the 77.86 level and edging closer to our initial extended target at 75.50. This supports the ongoing bearish trend expectations in the intraday and short-term outlook, with further decline anticipated towards the next significant target at 73.73.
Consequently, the negative scenario remains active, reinforced by the bearish pressure exerted by the EMA50. It is worth noting that breaching the 77.86 level would halt the suggested decline and potentially initiate recovery attempts on an intraday basis, with an initial target set at testing the 81.20 areas.
For today’s trading session, the projected trading range is expected to fall between the support level at 74.70 and the resistance level at 77.70.
Overall, the expected trend for today remains bearish, indicating a continuation of the negative sentiment surrounding crude oil price as it persists in achieving downside targets.
