Expected Scenario
The price of crude oil continued its upward trajectory yesterday, surpassing the significant barrier of $80.00 per barrel. This further bolstered the continuation of the anticipated bullish trend on an intraday basis. The next target for the price is set at $81.50. Close monitoring of the price action at this level is imperative to discern the subsequent trend.
A breakthrough above $81.50 could pave the way for additional gains, potentially advancing towards the $83.91 region in the near term. Conversely, failure to consolidate above this level may precipitate a decline and subsequent bearish correction.
Breaking below the support level of $79.60 would halt the ongoing ascent and prompt a shift towards a downtrend.
Expected Trading Range
The anticipated trading range spans from the support level of $79.10 to the resistance level of $82.00.
Trend Forecast: Bullish
