Crude oil prices experienced a bearish rebound upon reaching the resistance of a downward channel, as depicted in the chart. The prices are currently testing a critical support level at 77.86. It’s noteworthy that the stochastic indicator has shed its negative momentum, approaching the oversold regions. This development is anticipated to stimulate a continuation of the expected bullish movement on an intraday basis, with the next target set at 81.20.
Hence, the scenario of a bullish trend remains valid and active for the near future. It is important to observe that a breach of the support at 77.86 would negate the bullish trend, potentially redirecting the price to resume a corrective bearish trajectory.
Today’s anticipated trading range is between the support level at 77.30 and the resistance level at 80.20.
Projected Trend for Today: Bullish
