Crude oil prices closed below the $80.08 mark last Friday, reinforcing a bearish correctional outlook and potentially paving the way for further declines in upcoming sessions. Analysts anticipate a downside target of $78.66, marking a critical support level whose breach could open the path towards testing the 61.8% Fibonacci retracement level at $77.24.
The prevailing sentiment suggests that bearish momentum is likely to dominate both intraday and short-term trading, with a decisive move below $80.08 seen as crucial for confirming a downtrend reversal. Conversely, a breach above this level could initiate recovery efforts, potentially targeting the initial bullish wave with a first resistance level set around $81.84.
Today’s expected trading range is anticipated to fluctuate between a support level of $78.20 and a resistance level of $81.00, reflecting ongoing volatility in the crude oil market.
This analysis underscores the significance of key technical levels in guiding future price movements amid fluctuating market conditions.
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