Crude oil underwent a significant decline in the previous session, reaching the 73.73 level. Despite showing mixed trades, the price rebounded to hover around the 76.00 barrier. There is a suggestion for the resumption of a bearish bias, targeting negative objectives, commencing with a retest of 73.73 and extending to 72.80 following the breach of the previous level.
Anticipated in the upcoming sessions are new negative trades, supported by the unfavorable technical indicators. It is noteworthy that the breach of 77.86 would disrupt the anticipated decline, prompting the price to initiate recovery attempts on both the intraday and short-term basis.
The expected trading range for the current session is situated between support at 74.30 and resistance at 77.30. The overall trend projection for today is bearish. Traders are advised to closely observe price movements, giving due consideration to the identified support and resistance levels in formulating their trading strategies.
