The price of crude oil is presently undergoing testing of the support line within the intraday bullish channel, with efforts to establish consolidation above this critical level. This consolidation aims to sustain the prevailing bullish trend scenario for today. Moreover, the positive momentum indicated by the Stochastic oscillator adds weight to this outlook, gradually gaining strength. We anticipate a resumption of the bullish wave, with the subsequent target situated at 89.95. It is crucial to bear in mind that the continuation of this bullish trajectory is contingent upon the price remaining above the key level at 86.00.
For today’s trading session, the anticipated range is expected to span from the support level at 84.70 to the resistance level at 88.80.
In summary, the prevailing trend for today leans favorably towards a bullish stance, underlining the potential for continued upward movement in crude oil prices.
