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Crude oil prices are making a tentative recovery, moving above the $79.00 barrier. However, the prevailing bearish correction remains in effect as long as the $80.08 level holds. A break below $78.66 would confirm a further decline towards the 61.8% Fibonacci retracement level at $77.24.
The EMA50 is applying negative pressure, supporting the anticipated decline. Nevertheless, if the price surpasses $80.08, it could halt the current bearish trend and potentially shift the market back towards a bullish trajectory, with an initial target of $81.84.
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Today’s anticipated trading range is between $77.50 for support and $80.50 for resistance.
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Trend Forecast: Bearish
