Today, crude oil prices opened with negative trades, poised to break below the critical level of $81.84. The commodity has struggled to maintain levels above this mark, as evidenced by the closure of the last four-hour candlestick below it. This development signals a potential activation of a correctional bearish scenario in the short term, with a target set at $80.08 as the next significant support level.
Analysts suggest a bearish bias for the day, emphasizing that a decisive breach of $81.84, followed by surpassing the $82.40 resistance, could halt the current decline. Such a move would potentially pave the way for a resumption of the primary bullish trend.
For today’s trading outlook, experts anticipate a range bound between the support level of $80.00 and the resistance level of $82.80.
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