Crude oil prices exhibited renewed upward momentum in yesterday’s trading session, once again challenging the significant resistance level at 88.00. Subsequently, the price has settled into a fluctuation pattern along the support line of the intraday bullish channel. Despite this, the market is currently experiencing some dampening effects from stochastic indicators. It is awaiting a sufficient infusion of positive momentum to reignite the primary bullish trend, which seeks to attain the next critical target at 89.95.
Supporting this optimistic outlook is the EMA50, which continues to underpin the anticipated bullish wave. It is important to note that a breach of the support level at 87.10 could potentially disrupt the expected upward trajectory, giving rise to a brief intraday bearish correction before the price regains its bullish footing.
Today’s expected trading range is defined by the support at 86.40 and the resistance at 89.20, serving as the pivotal price boundaries to monitor.
At present, the overall sentiment for the day remains bullish, contingent upon the maintenance of the crucial support level at 87.10.
