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Crude Oil Price Dips Below Support Level

by Jennifer

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.

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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.

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