Crude Oil Price Analysis:
Crude oil experienced significant negative pressure yesterday, dropping below the $83.90 mark and remaining below this level. The price appears to be moving towards a potential test of the bullish channel’s support line, as indicated on the chart.
Despite this recent dip, the 50-day Exponential Moving Average (EMA) continues to offer positive support, keeping the price within the bullish channel. This suggests that the overall bullish trend is likely to persist. For this trend to strengthen, the price must break above the $83.90 level, which could pave the way for a rally towards the next positive target of $85.80.
Expected Trading Range:
Today’s trading range is anticipated to lie between $82.10 support and $85.00 resistance.
Trend Forecast: Overall Bullish
