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Crude oil price has rallied strongly at today’s open, influenced by military tensions in the Middle East. This rally has led to a breach of $83.90, allowing the price to return to the main bullish channel and halt the recent bearish correction. The market is now poised to resume its main bullish trajectory, with the potential for gains that could begin by testing $87.80 and may extend to $89.35 as the next main stations.
With this bullish momentum expected to continue, it’s important to note that a break below $83.90 would signal a halt to the bullish wave and could prompt the price to undergo a new bearish correction.
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Expected Trading Range: $84.00 (Support) – $87.00 (Resistance)
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Trend Forecast: Bullish
