Crude oil price suffered clear losses afer breaking 84.80 level, forming double top patern that might push the price to surpass 81.25 and open the way to achieve more decline in the upcoming period.
Therefore, we need to monitor the price behavior carefully, as breaking 81.25 will extend the bearish wave to reach 79.00 followed by 77.65 areas on the near term basis, while consolidating above it will lead the price to resume the bullish trend that its first target located at 87.00.