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Crude Oil Price Sees Gradual Descent

by Jennifer

Crude oil price is displaying modest negative fluctuations, gradually distancing itself from the 80.65 level. This movement aligns with the continuation of the bearish trend scenario, which is expected to persist in the near future. The prevailing negative pressure, as indicated by the EMA50, lends support to this projection. Notably, our targeted levels remain anchored at 79.35, with potential extension to 78.05.

Maintaining a position below the 80.65 level holds significance in realizing the projected targets. It’s worth noting that a breach of this level would disrupt the ongoing bearish correction, potentially redirecting the price toward the primary bullish trajectory.

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For today’s trading, the expected range falls between the support at 78.50 and resistance at 81.50.

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Today’s anticipated trend retains a bearish disposition.

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