In the analysis of crude oil prices, it’s observed that the market has reached the awaited target of $83.90 and settled at this level. Solid resistance is encountered at this point, particularly with the convergence of the EMA50, adding further strength to the resistance zone. This convergence might prompt a downward movement in prices, leading to a more pronounced bearish correction.
Given the current circumstances, it’s advisable to adopt a wait-and-see approach until the price confirms its stance around the $83.90 level, allowing for a clearer determination of the next directional move. A breach above this level would likely result in a resurgence of the main bullish trend, with potential gains targeting $85.15 and extending to $87.05. Conversely, consolidation below this level could drive prices back towards $81.50.
For today’s trading, the expected range is anticipated to be between a support level of $82.00 and a resistance level of $85.30.
Forecast: Neutral
