Crude oil prices closed below the $77.24 mark last Friday, signaling a bearish trend likely to continue in upcoming sessions. Despite starting today with a bullish gap pushing prices above this critical level, a subsequent decline is underway, aiming to retest the aforementioned threshold. A breach below $77.24 would pave the way for further declines towards the next target at $75.50.
Technical indicators, notably the EMA50, are exerting negative pressure, reinforcing expectations of continued bearish momentum unless prices manage to surpass $78.66, which would indicate a potential reversal and recovery.
Today’s projected trading range anticipates support at $76.00 and resistance at $79.00, highlighting the volatile outlook amidst prevailing market sentiment.
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