The price of crude oil concluded yesterday’s trading session above the 80.95 level and is currently testing the support line established at this level, maintaining stability above it thus far. This persistence supports the validity and continuation of the bullish trend scenario for the forthcoming period, delineated within the confines of the bullish channel depicted on the chart. It is highlighted that the next major target remains at 82.60.
The significance of holding above the 80.30 level cannot be overstated for the sustained upward trajectory. A breach of this level would prompt the initiation of a bearish correction, potentially retracing the gains initiated from the 71.35 areas.
Today’s anticipated trading range is projected to fluctuate between the support level at 79.60 and the resistance level at 82.70.
Trend Forecast: Bullish
