The price of crude oil is currently hovering near the 50% Fibonacci correction level, which serves as a significant support at 81.20. The market is experiencing sustained downward pressure, largely due to the influence of the EMA50 (Exponential Moving Average 50). This reinforces the likelihood of breaking below the mentioned support and potentially initiating additional bearish corrections, with the next target set at 77.86.
Hence, the prevailing sentiment suggests a further decline in the upcoming sessions. It’s important to monitor the price’s behavior at the 84.55 level, as a breach above this point could disrupt the anticipated bearish trend and set the stage for potential attempts at regaining the primary bullish trend.
For today’s trading, the expected range is likely to oscillate between the support level at 80.30 and the resistance level at 83.30, indicative of the current bearish trend.
Current Trend: Bearish
