Crude oil prices have recently exhibited a clear bearish trend, and today, this downward movement has intensified. The price broke through the key support, represented by the main bullish channel’s support line, and also slipped below the level at 88.70. This development suggests a potential return to the correctional bearish track. However, it’s important to note that technical indicators provide some positive signals, creating a degree of uncertainty regarding the future direction of oil prices.
Given this mixed technical picture, it is advisable to exercise caution and refrain from making hasty decisions in the market. A clearer signal may be required to confirm the next trend. Breaking through the support at 88.20 would likely trigger a new bearish correction with initial targets beginning at 84.55. Conversely, breaching the resistance at 89.65 is key to regaining the main bullish trend, with the next positive targets located at 92.00, followed by 95.35.
The anticipated trading range for today is bounded by support at 86.50 and resistance at 90.00. Given the contradictory signals from the technical indicators, the market currently appears to be in a neutral phase.
