Crude oil prices are anticipated to continue their downward trajectory, nearing the awaited target of $77.64 per barrel. Analysts predict a sustained bearish trend, with a potential break below this level leading to further declines towards $76.45 and $75.25 per barrel.
The prevailing sentiment favors a bearish outlook in the near term. However, it is noted that a failure to breach the $77.64 mark may prompt the initiation of recovery efforts, potentially pushing prices towards the $79.60 level before any subsequent decline.
Expected Trading Range:
Support: $76.00
Resistance: $79.00
In summary, market expectations lean towards a continued bearish trend in crude oil prices, with a trading range forecasted between $76.00 and $79.00 per barrel.
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