Crude oil prices are currently exhibiting fluctuations around the support line of the bullish channel, as depicted on the chart. Notably, the stochastic indicator has recently turned positive, indicating a potential impetus for the price to resume its anticipated bullish trajectory in the upcoming period. This bullish momentum is expected to target levels starting at 90.00 and extending to 91.65 after surpassing the previous threshold.
To sustain the expected ascent, it is crucial for the price to maintain its position above the 88.10 level. Any breach of this level would introduce a negative factor, potentially prompting an intraday bearish correction. In the event of a correction, the initial targets would involve testing the 86.90 level.
For today’s trading outlook, market analysts anticipate a trading range bounded by the support level at 88.10 and the resistance level at 90.70.
The prevailing sentiment for today remains bullish, with investors and traders keeping a close watch on further developments and the potential for continued upward movement in crude oil prices.
