Crude oil price bounced downwards clearly after testing the intraday bearish channel’s resistance that appears on the chart, to resume the bearish wave that its targets begin at 82.00 and extend to 80.00 after surpassing the previous level.
Therefore, the bearish trend scenario will remain valid and active, supported by the negative pressure formed by the EMA50, noting that breaching 85.40 will push the price to achieve intraday gains that reach 89.35 before any new attempt to decline.
The expected trading range for today is between 80.70 support and 84.95 resistance.
The expected trend for today: Bearish