In the midday update, the crude oil price exhibits volatility, hovering in proximity to the pivotal support mark of 80.65. The market is poised on the cusp of breaching this critical level, an event that would lend confirmation to the elongation of the ongoing correctional bearish phase, setting a course towards the subsequent negative threshold at 78.05.
Consequently, the bearish trend scenario persists as a pertinent theme for today’s market activities, bolstered by the counteracting influence of the EMA50, which continues to exert downward pressure on the price. It’s important to underscore that a breach beyond 81.80 could potentially usher in intraday gains, temporarily sidelining the decline as the price endeavors to recuperate prior to any renewed downturn.
The trading landscape envisaged for today’s sessions is projected to extend within the scope encompassing the supportive echelon situated at 79.00 and the resistant barrier marked at 82.35.
The prevailing trajectory expected for the day maintains a bearish sentiment, emblematic of the overarching trend indicative of a market disposition characterized by a decrease in value.