Crude oil prices have encountered robust resistance around the EMA50 level of $85.45, leading to a slight downturn in sentiment. Despite this, market observers anticipate positive momentum that could support a resurgence of the expected bullish trend in the intraday and short-term periods.
The next significant targets for the bullish trajectory are projected at $87.60 and $89.30.
Analysts maintain their stance on a bullish trend in the upcoming period. However, it is crucial to highlight that a breach below the support level of $83.60 would disrupt the anticipated upward movement, potentially initiating a bearish correction from the $71.35 region.
The expected trading range is forecasted to fluctuate between the support level of $83.60 and the resistance level of $86.70.
Despite the recent resistance encountered, forecasters remain cautiously optimistic about the future trajectory of crude oil prices, with expectations of continued positive momentum in the short term.
