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Crude oil prices have resumed their bearish trend after testing the $78.66 level yesterday, moving closer to our anticipated target of $77.24. We expect the price to break through this level, potentially leading to further losses down to $75.50, influenced by the previously completed triple top pattern.
The ongoing decline is supported by the negative pressure from the EMA50. However, if the price manages to breach the $78.66 level, it could initiate a recovery attempt, with an initial target of testing the $80.08 area.
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The expected trading range for today is between the support level of $76.00 and the resistance level of $79.00.
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Trend Forecast: Bearish
