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Today, July 17, 2024 – Crude oil prices have settled around $80.75 following a notable decline in recent sessions. Technical analysis reveals the formation of a double top pattern, suggesting bearish implications with targets extending below $80.08, towards $78.66 and potentially $77.25 in the near term.
The current market sentiment is influenced by the downward pressure indicated by the EMA50. However, a break above $81.84 could alleviate the bearish pressure and signal a return to the bullish trajectory.
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Today’s expected trading range is anticipated between support at $79.00 and resistance at $82.00.
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Trend Forecast: Bearish
