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Crude oil prices ended last Friday below $80.08, indicating a continuation of the bearish trend. This decline confirms a correctional phase and suggests further reductions in the near future, with the next significant target set at $78.66. A drop below this level could pave the way for a deeper decline towards the 61.8% Fibonacci retracement level of $77.24.
In light of these developments, we anticipate that the bearish trend will persist both in the short term and intraday. However, a breakthrough above the $80.08 mark could signal the beginning of a recovery phase, potentially driving prices towards a bullish target of $81.84.
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For today, the anticipated trading range is between a support level of $78.20 and a resistance level of $81.00.
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