Crude oil price succeeded to achieve our first waited target at 75.53$, noticing that the price closed the last daily candlestick below it, reinforcing the expectations of continuing the domination of the bearish correction to head towards visiting 73.90$ as a next main target.

 

Therefore, we will continue to suggest the bearish trend for the upcoming period, affected by the head and shoulders’ pattern that appears on the chart, taking into consideration that breaching 75.53$ and holding above it might push the price to start recovery attempts and achieve intraday gains that target testing 76.90$ followed by 77.53$ areas before any new attempt to decline.

 

The expected trading range for today is between 73.70$ support and 76.70$ resistance

 

Trend forecast: Bearish