Crude oil prices have struggled to regain their footing within the primary bearish channel, encountering formidable resistance around the 88.70 level. This resistance has prompted a bearish rebound, setting the stage for a potential resumption of the corrective bearish trajectory. The path ahead may see crude oil prices targeting negative levels, with the initial objective being the 84.55 mark.
Today’s outlook maintains a bearish bias, with a key focus on consolidating below the 86.90 level to sustain the expected decline. Breaching this level would signify a potential reversal in sentiment, directing the price towards a recovery phase and an initial visit to 88.70.
For the current trading session, the anticipated trading range is expected to fluctuate between the support at 84.55 and the resistance at 87.70, firmly establishing the bearish trend for the day.
