Crude Oil Price Analysis
The price of crude oil continues to consolidate above the critical support line at $77.64. Notably, the price movement remains within a bullish channel, reinforcing the likelihood of a resurgence in the bullish trend on both intraday and short-term scales. Market analysts anticipate a potential upward movement towards the next significant target at $79.55. It’s imperative to highlight that surpassing this level could propel the price towards additional gains, with a target set at $81.50. The presence of the EMA50, intersecting with the $77.64 support line, provides added reinforcement to this positive scenario. This bullish outlook remains valid unless the support is breached, accompanied by a daily close below it.
Expected Trading Range
The projected trading range is expected to span between the support level at $77.00 and resistance at $80.00.
Trend Forecast: Bullish
Given the prevailing market conditions and the supportive factors in play, a bullish trend is forecasted for crude oil prices.
