Crude oil’s recent breach of the 77.86 level and subsequent closure below it signify a continuation of the downtrend. The commodity has commenced further descent, confirming its trajectory towards fresh bearish objectives, notably targeting 73.73. This level corresponds to the 76.4% Fibonacci correction level, calculated from the rise spanning 67.04 to 95.37. A breach of this level implies potential additional losses, resulting in a shift of the short-term and medium-term trends toward a decline.
The bearish momentum is structured within a downward channel illustrated on the chart, reinforced by the downward pressure exerted by the EMA50. It is essential to note that surpassing 77.86 would negate the current downward pressure, potentially prompting a recovery in oil prices.
The expected trading range for today is bracketed by support at 74.40 and resistance at 77.50.
Anticipated Trend for Today: Bearish
