The crude oil price concluded the previous week below the 77.00 level, reinforcing the prevailing expectations of a sustained bearish correction on an intraday basis. This positions the price in proximity to the second anticipated target at 75.93. Furthermore, the path appears open for an extension beyond this level, aiming for additional negative targets at 75.05, followed by 74.20.
The outlook suggests a likelihood of further decline in the forthcoming sessions. It’s noteworthy that breaching the 77.00 level would alleviate the current downward pressure, potentially prompting the price to attempt a recovery towards the primary bullish trend.
The anticipated trading range for today is estimated between the support level of 74.50 and resistance at 77.50.
In summary, the prevailing trend for today leans towards a bearish trajectory for crude oil, contingent on maintaining levels below 77.00. A breach above this threshold could signify a shift in current negative pressures, with potential attempts to reclaim the main bullish trend.
