Crude Oil Price Analysis
Crude oil prices have shown a decline recently, testing the support line of the bullish channel. Currently, the price is consolidating above this support line, suggesting a potential reversal to resume the main bullish trend.
Expected Scenario
The expectation is for crude oil prices to potentially turn upwards today. To confirm a continuation of the bullish momentum, the price needs to break above $81.50. If this level is breached, it could pave the way for further gains, targeting $82.25 initially, with potential extensions towards $83.90.
The EMA50 indicator continues to provide support from below, which reinforces the likelihood of the suggested bullish wave. However, it’s crucial for the price to hold above $80.80 to maintain this bullish outlook. A break below $80.80 could shift sentiment and lead to a test of key support around $79.60 before any new attempt to rise.
Expected Trading Range
- Support: $79.70
- Resistance: $82.70
Trend Forecast: Bullish
