In today’s analysis, the crude oil price has tested the minor support level at $82.90 without confirming a break, resulting in the price remaining range-bound between key levels. Specifically, it is currently situated between the mentioned support and the resistance at $83.90. This dynamic leads us to maintain a neutral stance, as the price awaits a decisive move to determine its next direction.
In the event of a break below the mentioned support at $82.90, the price could descend towards the initial target at $81.50, signaling a bearish correction. Conversely, surpassing the resistance at $83.90 would halt the corrective bearish movement and steer the price back onto the main bullish trajectory. This scenario could lead to further gains, with the initial target starting at $85.40.
For today’s trading range, we anticipate support around $81.60 and resistance near $85.00. Given the current circumstances, the trend forecast remains neutral, reflecting the uncertainty in the market as the price hovers between crucial support and resistance levels.
