The price of crude oil is currently oscillating around the EMA50, which serves as a robust intraday support level. Notably, the price trend indicates a series of lower highs, reinforcing the likelihood of continued decline in upcoming sessions. The next significant target is anticipated around the $83.15 mark, with further negative trades expected intraday.
A decisive breach below $85.15 would confirm the completion of the aforementioned negative pattern, thereby accelerating the price towards the suggested target. Conversely, surpassing the $86.60 threshold would nullify the bearish pattern, potentially reinstating the primary bullish trend and setting sights on the $88.65 region as the next positive target.
Today’s projected trading range spans between the support level at $83.70 and resistance at $86.70.
Trend Forecast: Bearish
