Crude oil prices have exhibited positive stability, consolidating their position above the support line of the bullish channel. This consolidation phase is seen as a precursor to the resumption of the anticipated bullish trend on both the intraday and short-term perspectives. The primary targets for this bullish trajectory are identified at 79.15, followed by 80.00 levels.
The Exponential Moving Average (EMA50) continues to play a supportive role in sustaining the suggested bullish wave. Awaiting the accumulation of positive momentum, the price is expected to advance towards the predefined targets. Critical to the achievement of these objectives is the necessity for crude oil to remain above the pivotal level of 77.86.
In terms of the anticipated trading range for today, support is likely to be observed around 77.00, while resistance is expected near the 79.80 mark.
The overall trend outlook for today favors a bullish trajectory for crude oil prices, with the potential for further upward movement contingent on the ability to maintain levels above crucial support thresholds. Traders are advised to closely monitor price dynamics for insights into the prevailing market sentiment.
