Crude oil price has confirmed a break below the $77.53 level, settling with a daily close beneath it. Upon analyzing the chart, it is evident that the price has completed a head and shoulders pattern, reinforcing the likelihood of continued correctional bearish movement on an intraday basis. This pattern’s targets suggest a further decline, potentially reaching the $73.90 area, surpassing the $75.53 level.
As a result, the bearish trend is expected to persist in the near term. However, if the price breaches $77.53, followed by $78.25, it would negate the negative scenario, leading the price to regain its bullish trajectory.
The expected trading range for today is between $75.00 (support) and $78.00 (resistance).
Trend Outlook: Bearish
Related topics: