The price of crude oil concluded on a notably positive note, surpassing the $83.90 threshold and closing above it. This breakthrough has triggered a favorable scenario, setting off a bullish trend in both intraday and short-term perspectives. Key bullish targets are identified at $85.70 and $88.00.
Anticipating continued upward momentum in the forthcoming sessions, it’s essential to highlight that a retreat below $83.90 would impede the bullish trajectory, potentially leading to a return to the corrective bearish trend.
Expected Trading Range:
Market participants should anticipate trading activity within the range defined by the support level at $83.00 and the resistance level at $85.90.
Trend Forecast:
The prevailing trend forecast is bullish, underpinned by the recent positive momentum. Investors are advised to monitor price movements closely, particularly with regard to the critical $83.90 level, which could influence the direction of the market in the short term.
