The price of crude oil has achieved a significant milestone by reaching the $83.56 level as anticipated. Investors are now eagerly awaiting the market reopening to potentially witness a resurgence of the bullish momentum on both intraday and short-term fronts.
The breach of the $83.56 level holds paramount importance as it paves the way for targeting $85.00 as the next primary objective. Our analysis maintains a bullish outlook, with expectations of the upward trend continuing, supported by the Exponential Moving Average (EMA) 50.
However, it’s essential to monitor price action closely. Consolidation above $83.56, coupled with positive attempts, may trigger bearish retracements, targeting areas around $82.25.
For today’s trading activities, the anticipated trading range is outlined as follows:
– Support: $82.20
– Resistance: $85.00
In summary, our trend forecast remains bullish, reflecting the expectation of continued upward momentum in the price of crude oil. Investors are advised to remain vigilant for any potential market developments.
