The crude oil price concluded the previous session on a notably negative note, as it breached the 80.65 level and managed to close the daily candlestick beneath it. This development has resulted in a return to the realm of corrective bearish pressure, prompting a trajectory aimed at achieving negative targets. The initial of these targets begins at 79.35, with a subsequent one at 78.05.
Given these circumstances, a bearish bias is expected to persist for today’s trading session. This sentiment is further supported by the price’s positioning below the EMA50 and is influenced by the fulfillment of a bearish flag pattern, which has become evident on the chart. It is noteworthy that a breach of the 80.65 level and a subsequent hold above it would arrest the ongoing negative pressure and pave the way for potential recovery.
The projected trading range for today spans between the support level of 78.50 and the resistance level of 81.50. As of now, the prevailing trend for the day is bearish.