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Crude oil prices closed below the $80.08 level last Friday, confirming the reactivation of the bearish correction scenario. This indicates an ongoing decline in the upcoming sessions, with the next support target at $78.66. A break below this level could lead the price towards the 61.8% Fibonacci correction level at $77.24.
The bearish trend is expected to continue on both an intraday and short-term basis. However, if prices break above $80.08, it could signal the beginning of a recovery phase, potentially leading to a bullish wave with an initial target of $81.84.
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For today, crude oil is anticipated to trade within a range between the support level of $78.20 and the resistance level of $81.00.
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Trend Forecast: Bearish
