Crude oil price recently experienced a temporary upswing following the attainment of the projected target at 78.05. Presently, the price is embarking on today’s trading session with a bearish inclination, drawing nearer to the aforementioned level. There is a suggestion that surpassing this threshold could potentially pave the way for a more pronounced bearish correction in subsequent trading sessions.
Notably, the price movement is confined within a bearish channel, lending further credence to the possibility of a decline towards 76.75 and subsequently 75.90 levels in the upcoming trading sessions.
Consequently, the forecast remains supportive of a bearish trend in the foreseeable future, with additional backing from the downward pressure exerted by the EMA50. It’s important to emphasize that the continuation of this bearish trajectory is contingent upon the price’s ability to remain below the 80.65 level.
Today’s anticipated trading range is expected to lie between the support level at 77.00 and the resistance level at 80.00.
Taking these factors into consideration, the projected trend for today remains bearish, subject to ongoing market developments that could potentially influence price dynamics.