The price of crude oil has opened with new negativity, confirming a break below the $81.84 level and attempting to move further downwards. This supports the continuation of the expected bearish trend in both the intraday and short-term outlooks. The next main target is set at $80.08, which represents the 38.2% Fibonacci correction level for the recent bullish wave shown on the chart. Breaking this level would push the price towards the next correctional target at $78.66.
Given this, we expect further decline in the upcoming sessions. However, if the price breaches the $81.84 and then the $82.60 levels, it will halt the bearish trend and may lead to an attempt to regain the main bullish trend.
Today’s expected trading range is between the support level of $79.60 and the resistance level of $82.50.
Trend forecast: Bearish
