Crude oil prices concluded yesterday’s trading session with a noticeable decline, settling at $81.84. This morning, prices have continued to fall, testing this support level and suggesting a potential return to a bearish correctional trend. However, a neutral stance is advised until the price confirms its position relative to this level, allowing for a clearer determination of the next direction.
If the price remains below $81.84, further declines are expected, targeting $80.08 as the next correctional stop. On the other hand, if the price consolidates above $81.84, a bullish wave could develop, with initial targets at $83.05, extending to $84.68.
The expected trading range for today is between the support level of $80.00 and the resistance level of $83.60.
Trend Forecast: Neutral
