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US crude oil futures experienced significant losses, aligning with the anticipated downward trend, reaching the official targets at 77.60 and 76.85, and recording a low of $76.43 per barrel.
From a technical perspective, the simple moving averages continue to support the bearish wave, bolstered by the Relative Strength Index (RSI), which maintains a defense of the downward trend.
As long as daily trading remains below the previously broken support at 78.60, the downward trend is expected to persist. The next target is 76.15, and a break below this level would likely intensify and confirm the strength of the downward trend, potentially driving prices down towards 75.15.
However, if prices move above and consolidate above 78.45, and more importantly above 78.60, this scenario could be invalidated. In such a case, oil prices may recover, with potential targets at 79.70 and 80.40.
Warning: Today’s trading session carries a high level of risk, especially with the expected release of high-impact economic data, including the preliminary readings of the services and manufacturing PMI indices from the Eurozone, the United Kingdom, and the United States, as well as the Canadian interest rate decision and the Bank of Canada’s press conference. These events could lead to significant price volatility.
Warning: The risk level is heightened due to ongoing geopolitical tensions, which could result in substantial price fluctuations.
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. The risk level remains high in this market, particularly due to ongoing geopolitical tensions, which could result in heightened price fluctuations.
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