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Crude oil prices closed below the $77.24 level last Friday, generating a negative impetus that supports the continuation of the bearish trend in the near term. This morning, the price opened with a bullish gap, surpassing the $77.24 mark. However, it is now trending downward and may retest this level. A breach of the $77.24 support could pave the way for a decline towards the next target of $75.50.
We anticipate a bearish trend in the upcoming sessions, driven by negative pressure from the EMA50. However, a rise above $78.66 would invalidate the current bearish outlook and suggest a potential recovery.
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The expected trading range for today is between $76.00 (support) and $79.00 (resistance).
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Trend Forecast: Bearish
