Crude oil prices experienced a significant decline yesterday, dropping from the 78.90 level to reach our target of 76.10. This target represents the 38.2% Fibonacci correction level for the rise that began at 64.19, indicating the potential for a further bearish correction with the next target at 73.85.
The current bearish trend is expected to continue, supported by the EMA50 exerting negative pressure on the price. However, breaching 78.90 would halt the bearish trend and may indicate a resumption of the primary bullish trend.