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The price of crude oil has recently tested the $79.00 barrier and settled below it, signaling a potential resumption of the bearish trend influenced by the double top pattern observed on the chart. Initial targets for this anticipated decline range from $77.60 to $75.25.
The negative pressure exerted by the EMA50 reinforces the likelihood of the expected downturn, which remains valid as long as the price remains below $79.60.
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Expected Trading Range for Today:
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Support: $77.00
Resistance: $80.00
The trend forecast for crude oil remains bearish, reflecting the technical analysis and prevailing market conditions.
