The crude oil price experienced only a brief period below the 89.35 level before staging a robust upward rally, surpassing the 90.15 level and settling above it. This shift has halted the previously suggested negative scenario and propelled the price to seek a return to the primary bullish trend. The next targets for the price lie at 91.45, with an extension towards the recent high at 92.92.
As such, further price increases are anticipated in the upcoming sessions, supported by the EMA50, which is providing upward momentum. However, it’s crucial to monitor the 89.35 level as a potential turning point. A breach of this level could reestablish a correctional bearish pressure on the price.
The expected trading range for today is likely to fall between the support at 89.50 and the resistance at 92.50.
Anticipated Trend for the Day: Bullish
