Crude oil range trading

Crude oil continued its downward trend at the opening on Monday, and its rebound at $75.7 once again encountered resistance and declined, indicating a bearish trend. Looking at the daily trend chart, the daily level has been negative for three consecutive times. Although there is no new low quotation, the high price has not been broken, indicating that an adjustment in crude oil prices is expected.

After the oil price broke down continuously in the early stage, after hitting a new low of 72.3, the oil price rose to 78.43. However, after the subsequent oil price retracement, there was no continuation of the bulls. At this stage, it is in a triangle shock. If there is no breakthrough of the previous high, There are signs that there will be a high probability of a continued downward break.

Oil prices currently focus on resistance 77.5-78.3 and support 73.7
Overall bearish

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