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Crude Oil Price Surpasses Initial Target

by Jennifer

The price of crude oil has firmly breached the 84.55 level, a confirmation that came after closing below this level yesterday. This development reinforces the ongoing correctional bearish trend, with the next target situated at 81.20.

The EMA50 continues to provide support for the proposed bearish wave. It is crucial to note that a breach of the aforementioned target at 84.55 would alleviate the current downside pressure and potentially initiate recovery attempts on an intraday basis.

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With the anticipated trading range for today established between the support level at 81.20 and the resistance at 84.55, our outlook remains bearish.

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