Expected Scenario
The price of crude oil has resumed its positive trajectory, testing the resistance line of the sideways range at $79.60. A potential bearish rebound might prompt a test of the support line around $77.64, thereby maintaining a sideways bias on an intraday basis.
Breakouts above the resistance or below the support will offer clearer directional cues for the subsequent move. A breakout above the resistance at $79.60 may pave the way for further gains towards $81.50, whereas a breach below the support at $77.64 could signify a resurgence of the primary bearish wave, targeting new lows starting at $75.25.
Expected Trading Range
The anticipated trading range for crude oil spans between support at $77.60 and resistance at $80.60.
Trend Forecast: Sideways
