Crude oil price has initiated another round of decline, reaching and applying negative pressure on our projected target at 73.73. The market is currently attempting to breach this level, reinforcing the potential for a continued bearish trend on both the intraday and short-term fronts. This downside movement sets the stage for a further descent towards 72.00, serving as our subsequent bearish target.
The prevailing analysis maintains a bearish outlook for the upcoming period, substantiated by the persistent negative pressure exerted by the EMA50. It is crucial to monitor whether the price consolidates above 73.73 against the existing downward pressure, as such consolidation may prompt recovery attempts and the initiation of a bullish wave targeting the 77.86 areas primarily.
The expected trading range for today is anticipated between the support level at 71.80 and the resistance level at 74.80.
The overall trend expectation for today remains bearish, in alignment with the present market dynamics.
