The price of crude oil has reverted to a declining trend, exerting pressure on the pivotal support level at 81.20, signaling a potential resumption of the ongoing corrective bearish trajectory. It is noteworthy that a breach of this support level could trigger a downward movement, potentially directing the price towards the 77.86 region.
As a result, the dominant sentiment for today leans toward a bearish bias, fortified by the adverse influence stemming from the Exponential Moving Average 50 (EMA50). It is imperative to acknowledge that the consolidation of the 81.20 level against the current bearish pressure could potentially lead to a price recovery, setting its sights on the 84.55 threshold in the near term.
For today’s trading, the projected trading range is expected to fluctuate between the support at 79.80 and the resistance at 82.60.
Assessing the present market conditions, the expected trend for today points towards a predominantly bearish outlook.
