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Home News Oil Prices Face Bearish Momentum as $80.75 Target Looms

Oil Prices Face Bearish Momentum as $80.75 Target Looms

by Barbara

After a notable downturn in recent trading sessions, crude oil prices have steadied around $80.75. Technical analysis reveals the completion of a double top pattern, signaling potential further declines with initial targets set at $80.08, followed by $78.66 and $77.25 in the near term.

The prevailing negative sentiment is bolstered by the EMA50 indicator, suggesting a continuation of bearish momentum in upcoming sessions. However, a breakthrough above $81.84 could alleviate current downward pressure, potentially prompting a return to bullish trajectories.

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Today’s anticipated trading range spans from support at $79.00 to resistance at $82.00, highlighting key levels to watch amidst ongoing market volatility.

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