The trajectory of crude oil prices encountered a significant hurdle, as the anticipated rise was abruptly halted upon reaching the initial target of $87.75. This cessation in upward movement triggered a pronounced downward rebound, surpassing the EMA50 indicator.
Currently, market dynamics indicate a shift towards testing the support line of the bullish channel, estimated to be around $83.10.
Analysts anticipate a bearish bias in the upcoming trading sessions, with indications pointing towards a potential decline in price. The scenario suggests that breaking below the $84.90 threshold could facilitate the realization of the awaited target.
However, a breach of the $86.00 mark would disrupt the anticipated decline and may prompt the price to endeavor to resume its primary bullish trajectory.
Traders are advised to navigate within today’s projected trading range, with support expected at $83.60 and resistance at $86.60.
The trend forecast leans towards a bearish outlook, emphasizing the prevailing negative pressure on crude oil prices. Market participants are urged to exercise caution and adapt their strategies accordingly amidst the evolving market conditions.
