Following a brief uptick observed yesterday, crude oil prices have taken a downturn, marking new negative trades. Notably, the stochastic indicator is gradually losing its previously observed positive momentum, and the EMA50 is consistently exerting downward pressure on the price.
In light of these developments, a bearish trend is anticipated to persist in the upcoming period. The initial targets for this bearish outlook involve breaking the support level at 73.73, paving the way for further declines towards 72.25 and subsequently 70.00. It is important to note that breaching the resistance at 77.86 would negate the anticipated bearish trend, potentially prompting the initiation of a bullish wave on an intraday basis.
For today’s trading, the expected range is between the support at 73.40 and the resistance at 76.40. Investors and traders are advised to monitor these levels closely as they navigate the current market conditions.
Expected Trend for Today: Bearish
