In an impressive upward surge, crude oil prices recorded robust gains in yesterday’s trading session, successfully surpassing the previously outlined positive targets as highlighted in our recent report. The price of crude oil reached the significant level of $95.00 per barrel. Market analysts are now anticipating a continuation of the prevailing bullish sentiment, with expectations set on achieving further positive targets, which could extend to approximately $96.60 per barrel.
The ongoing bullish trajectory is notably supported by well-defined bullish channels, adding further credence to the current upward wave. Additionally, the price continues to receive substantial backing from the EMA50 (Exponential Moving Average 50), emphasizing the market’s upward momentum.
Market experts are closely monitoring the situation, noting that a breach of the $94.20 level would signal a potential interruption of the anticipated uptrend. In such a scenario, there might be a brief shift toward a bearish correction in the intraday context before a possible resumption of the bullish momentum.
For today’s trading session, the projected trading range is expected to fall between the support level at $93.70 and the resistance level at $96.80, underscoring the dynamic nature of the energy market.
These developments in crude oil prices reflect the continued complexities and shifting dynamics within the global energy sector. Market participants are advised to remain vigilant and adapt to evolving conditions while assessing potential trading opportunities.
Disclaimer: This analysis is based on current market conditions and may be subject to change as new information becomes available.
