Crude oil prices have successfully reached the initial target at 91.45, but market observers noted a lack of upward momentum beyond this point. This led to the formation of a lower high, sparking speculation about a potential return to the bearish correctional trajectory.
Analysts are now eyeing the 89.35 level as the initial support to be tested, with the possibility of the price descending further to the 87.16 level as the next correctional target. The prevailing expectation is for negative trading in the coming sessions.
However, traders should remain cautious, as breaching the 91.45 level could halt the anticipated decline and see the price resume its main bullish trend.
For today’s trading, market participants should consider a trading range between support at 88.80 and resistance at 91.70, with a bearish outlook expected to dominate in crude oil prices.
