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.


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


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

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