Crude oil price faced negative pressure to break 78.25$ level and settle below it, and by taking a deeper look at the chart, we find that the price is forming head and shoulders’ pattern that its confirmation line located at 77.45$, which means that breaking this level will push the price to continue the decline and achieve negative targets that reach 75.60$.

 

Therefore, the bearish bias will be suggested for today, noting that breaching 78.25$ followed by 78.80$ levels will stop the negative scenario and lead the price to resume the main bullish track again.

 

The expected trading range for today is between 76.00$ support and 79.00$ resistance

 

Trend forecast: Bearish