Crude oil prices experienced a downward bounce subsequent to testing the pivotal resistance at 78.70, a crucial determinant for the upcoming trend along with the 77.30 support. The market is currently in a state of anticipation, awaiting a breakthrough of either of these levels to provide a clear trajectory, leading us to maintain a neutral stance at present.
It is crucial to reiterate that breaching the mentioned support could trigger the reactivation of the negative impact from the double top pattern, potentially leading to a new bearish correction with subsequent targets around 76.15 and 75.00. Conversely, a breach of the resistance may prompt the price to strive towards regaining the primary bullish trend, targeting positive objectives beginning at 80.05, followed by 80.95.
The anticipated trading range for today is expected to fluctuate between support at 76.30 and resistance at 80.00.
Trend Forecast: Neutral
