Crude oil prices have resumed a bearish trajectory following a bearish rebound after testing the EMA50 in previous sessions. This reinforces the prevailing bearish trend on both the intraday and short-term horizons, with an initial target at 73.73. It is important to note that a breach of this level would potentially extend the bearish wave, targeting 72.25, and subsequently 70.00.
The validity and activity of the bearish trend hinge on the price’s ability to remain below 77.86. A sustained position below this level is essential to ensure the continuation of the bearish momentum. Conversely, a breach of 77.86 could introduce a positive factor, prompting the price to attempt a recovery on an intraday basis.
The anticipated trading range for today is expected to fluctuate between the support level of 73.00 and the resistance level of 76.00.
The prevailing trend for today is forecasted as bearish, contingent upon market dynamics and price action around the critical levels mentioned.
