Crude oil prices concluded yesterday’s session on a downtrend, settling at $81.84. Today, the price has continued its decline, testing this key support level. This movement suggests a possible shift toward a corrective bearish trend. However, it is advisable to maintain a neutral stance until the price confirms its behavior relative to this level and provides a clearer indication of its future trajectory.
If the price remains below $81.84, it could further decline, potentially targeting $80.08 as the next support level. Conversely, if prices consolidate above this support, they may initiate a bullish wave, with initial targets set at $83.05 and possibly extending to $84.68.
The anticipated trading range for today is between $80.00 on the downside and $83.60 on the upside.
