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Crude oil has successfully reached our anticipated target of $77.24 and has since bounced upwards, fluctuating around the $78.00 mark. Despite this upward movement, the price is currently influenced by a negative pattern that suggests the bearish trend will likely continue. We expect a further decline towards $75.50 as the next key support level.
We anticipate seeing additional downward movement both intraday and in the short term. However, if the price breaks above $78.66, it may initiate recovery attempts, potentially testing the $80.08 level before determining the next trend direction.
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For today, the expected trading range is between the support level of $76.50 and the resistance level of $79.50.
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Trend Forecast: Bearish
