Crude oil prices have experienced a robust upward surge, successfully reaching the initial awaited target at 86.20. It is worth noting that the price has encountered substantial resistance at this level. Currently, there is a slight bearish bias, influenced by stochastic indicators showing signs of negativity. In the near term, a test of the support base around 84.90 is conceivable before a potential resurgence.
At present, expectations remain tilted towards witnessing further advances on both intraday and short-term horizons. The subsequent targets are positioned at 86.90 and extend to 88.05. It is important to highlight that breaching the 85.90 level would interrupt the positive scenario and set the stage for an intraday bearish correction.
As traders navigate these developments, it is advisable to be prepared for potential price fluctuations. The projected trading range for the day is anticipated to span from 84.50 as support to 87.50 as resistance.
Projected Market Trend for Today: Bullish
