In recent trading sessions, the price of crude oil experienced downward pressure, leading it to test a critical support level at 84.55. However, there are indications that the price is poised for a reversal, as it managed to consolidate above this support level at the start of today’s trading.
The current market sentiment suggests that crude oil is on a path to construct a bullish wave, with initial targets set at 86.55 and, subsequently, 88.70.
Given these considerations, the prevailing outlook continues to favor a bullish trend in the coming period, with further support coming from the clear presence of positive stochastic indicators. It’s crucial to note that a break below the 84.55 support could disrupt the anticipated uptrend and potentially lead to additional bearish corrections, with the next downside target at 81.20.
For today’s trading range, experts propose a support level at 84.00 and a resistance level at 87.00. The prevailing trend for the day remains bullish, contingent on the ability to maintain levels above 84.55.
