The crude oil price has recently undergone testing of a crucial resistance level at 80.65, with its stability observed to be below this point. This prevailing configuration continues to reinforce the active bearish trend projection for the impending period. As part of this trajectory, the next targeted level resides at 78.05.
The presence of the EMA50 also exerts a downward pressure on the price, thereby supporting the continuation of the anticipated decline. It is noteworthy that the breach of the specified targeted level could potentially trigger an extension of the ongoing correctional bearish phase, possibly leading to the attainment of levels around 76.75 and subsequently 75.90.
A significant condition for the maintenance of the current bearish trend is the price’s ability to remain below the key resistance level of 80.65.
Traders and market participants can anticipate a trading range spanning between the support level of 78.00 and the resistance level of 81.00 for the day’s trading activities.
Anticipated trend for today: Bearish