Crude oil price’s recent trades are confined within bearish pennant pattern that appears on the chart, pressing on the pattern’s support line to attempt to get negative motive that assists to push the price to continue the bearish trend, which reinforces the expectations of achieving more decline on the intraday and short term basis, reminding you that our next targets begin at 75.00 and extend to 73.00.
Therefore, the bearish trend scenario will remain suggested in the upcoming sessions, noting that breaching 79.35 will stop the current negative pressure and lead the price to achieve some bullish correction.
The expected trading range for today is between 74.80 support and 78.60 resistance.
The expected trend for today: Bearish