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Crude oil prices closed yesterday below the $76.86 level, facing increased negative pressure. This decline is expected to continue, with the initial target set at $75.00. A breach of this support could extend the bearish trend, potentially driving prices down to $73.95 and subsequently to $72.04.
Given the current conditions, a further decline is anticipated in the upcoming sessions. However, if prices manage to break above $76.86, this would negate the current bearish trend and could lead to a price increase.
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Today’s anticipated trading range for crude oil is between a support level of $74.60 and a resistance level of $77.60.
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Trend Forecast: Bearish
