The price of crude oil is poised for further gains as of today, April 2, 2024.

Having surpassed the $84.00 barrier following recent upward movement, crude oil is currently situated within a bullish channel as depicted on the chart. Market analysts anticipate a continuation of the bullish momentum, with the next targets set at $85.00 and $86.75.

Supporting this outlook is the EMA50 indicator, which is providing consistent support from below, thereby strengthening expectations for additional gains in the short term. However, a break below $83.56 could introduce bearish pressure, potentially leading to a corrective phase for the bullish trend that originated from the $71.35 levels.

For today’s trading, the projected range is between support at $83.00 and resistance at $86.00.

Overall trend forecast: Bullish.