Crude oil price recently underwent a test of the 78.05 level and encountered substantial support, prompting a bullish rebound and facilitating temporary gains. The price is now approaching the resistance of the corrective bearish channel. It’s worth noting that the stochastic indicator has entered overbought territory, and the EMA50 continues to exert consistent downward pressure on the price movement.
Considering these dynamics, market analysis continues to lean towards advocating the continuation of the bearish trend in the near future. The targeted price levels extend to 76.75 followed by 75.90, contingent on the price surpassing the previously mentioned threshold. It is crucial to emphasize that sustaining a position below 80.65 remains a pivotal factor for the continuation of the anticipated decline.
Today’s projected trading range is anticipated to fall between the support level at 77.50 and the resistance level at 80.65.
Market sentiment remains in favor of a bearish trend for the trading day ahead.