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Crude Oil Price Sustains Negative Stance

by Jennifer

The crude oil price undertook an endeavor to surpass the 80.65 level, yet its conclusion below this juncture in yesterday’s trading reinforces the persistence of the bearish trend trajectory. This bearish scenario remains viable and active in the upcoming period, as the market contemplates a potential return to the corrective bearish channel, ultimately aiming to attain the initial downside objective situated at 78.05.

It is noteworthy, however, that transcending the 80.65 level holds the capability to interrupt the ongoing corrective bearish trend. Such a development could ignite a recovery attempt, thereby resuming the primary bullish trajectory. This prospective shift would be geared towards the initial aspiration of reaching the 82.00 vicinity.

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Today’s anticipated trading scope spans between the support at 78.50 and the resistance at 81.50.

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The envisioned trend for today remains bearish.

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