The price of crude oil has successfully confirmed the break below the support line, as observed on the chart, concluding yesterday’s trading session below this level. This confirmation aligns with the anticipated bearish trend on an intraday basis, targeting a test of the support line for the ascending bullish channel, presently positioned at 74.65. It is noteworthy that the current positive signals from the stochastic indicator might introduce temporary sideways fluctuations before resuming negative trades.
Hence, the suggestion is to maintain a bearish outlook for the upcoming period. However, it is essential to monitor the level of 76.75, as breaching this level could initiate recovery attempts, targeting an initial test of 77.86. Such a move would set the stage for a potential resumption of the primary bullish trend within the established bullish channel.
The expected trading range for today is anticipated to fall between the support at 74.65 and the resistance at 77.50.
Anticipated Trend for Today: Bearish
