Crude oil prices encounter downward pressure, struggling to breach the $81.95 threshold and ultimately settling beneath it. Observations reveal a pattern of lower highs, signaling a potential continuation of the decline in subsequent sessions and a forthcoming bearish correction following the bullish wave that originated from the $71.35 region. Initial targets for this correction include testing the $80.68 mark, a crucial level that may dictate the trajectory of the subsequent trend. Notably, a breach of this level could propel the price downwards towards the $78.90 territory.
As such, negative trading activity is anticipated in the near term, with the caveat that surpassing the $82.65 barrier would invalidate the projected decline and prompt a resurgence in the primary bullish trend.
Today’s projected trading range spans between support at $80.00 and resistance at $82.70.
Trend Forecast: Bearish
