July 15, 2024, crude oil prices have shown a notable downward bounce following a recent approach towards the $84.00 barrier in previous sessions. The price has now tested a crucial support level at $81.84 as of today’s open, indicating a potential return to a corrective bearish trajectory. Analysts suggest a cautious approach, advising to wait for clearer signals regarding the next market trend. This clarity could come through either a break below the mentioned support level or a breach of the $82.75 resistance mark.
Market observers emphasize that a sustained decline and a breach of the support line could lead to further bearish corrections, potentially targeting $80.08 next. Conversely, a breakout above the resistance level is seen as pivotal for resuming a bullish trend, with a target set at $84.68 as the next significant milestone.
For today’s trading outlook, the anticipated range is projected between a support level of $80.60 and a resistance level at $84.00. Investors are advised to monitor these levels closely for potential market direction cues.
