Crude oil price tested the bearish channel’s resistance and bounced bearishly from there, to keep the bearish trend scenario active on the intraday and short term basis, waiting for more rise to achieve our negative targets that start at 79.35 and extend to 76.30.
Note that breaching 82.40 will stop the expected decline and push the price to achieve new gains that reach 84.85 and might extend to 87.35 before any new attempt to decline.
The expected trading range for today is between 78.50 support and 82.40 resistance.
The expected trend for today: Bearish