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Crude oil prices experienced a downward bounce after testing the $78.66 level yesterday, nearing the anticipated target of $77.24. Analysts predict further potential losses to around $75.50, influenced by a previously observed triple top pattern.
The market outlook suggests continued decline in upcoming sessions, bolstered by downward pressure from the EMA50 indicator. However, a breach above $78.66 could initiate a recovery phase, with initial targets set around $80.08.
Today’s anticipated trading range spans from a support level near $76.00 to a resistance point at $79.00.
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