The price of crude oil has successfully reached our initial target at 92.45 and approached the 93.00$ resistance level. However, it subsequently experienced a significant downward bounce, initiating a bearish correction phase for the recent upward movement that commenced from the 77.85$ region.
As part of this correction, the price is expected to test the 89.36 level initially, with a note that a breach of this level could extend the correctional bearish wave, potentially reaching as low as 87.16.
Consequently, today’s bias is inclined towards the bearish side. It is worth noting that breaking the 90.95 level would halt the anticipated decline and possibly signal an attempt to resume the primary bullish trend.
The expected trading range for today is between support at 88.50 and resistance at 91.40, reflecting the prevailing bearish sentiment.
