Crude Oil Price Analysis
Crude oil prices encountered downward pressure during Friday evening’s session, testing a critical support level at $81.50. However, the price has begun today with a bullish inclination, aiming to resume its anticipated upward trend on an intraday basis, with the next target set at $83.90.
Analysts maintain a bullish outlook for the near future, supported by the EMA50 indicator. It is emphasized that a breach of the $81.50 support level could halt the anticipated upward movement and potentially lead to a reversal towards a decline.
Expected Trading Range
The anticipated trading range suggests support at $81.00 and resistance at $84.00 for the forthcoming trading sessions.
Trend Forecast: Bullish
The trend forecast remains bullish for crude oil prices in the immediate period ahead.
