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Crude Oil Price Update – February 23, 2024: Resistance at 78.75 Stalls Momentum, Initiates Bearish Bias

by Jennifer

The crude oil price encountered formidable resistance at the 78.75 level, failing to secure a breakthrough and initiating a bearish stance in today’s trading session. The current trajectory indicates a move towards a new bearish correction, with an initial target set at 77.00. A breach of this level is expected to extend the decline, with 75.93 identified as the subsequent negative station.

Anticipating a continuation of the downward trend in the upcoming sessions, it is crucial to observe whether the 78.75 resistance is breached, as this would negate the bearish scenario and prompt a return to the primary bullish track.

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The projected trading range for today is estimated to fluctuate between the support at 76.60 and the resistance at 79.50.

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The prevailing trend for today leans towards a bearish outlook for crude oil prices.

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