Crude Oil Price Analysis:
Crude oil price has extended its upward trajectory, surpassing the $79.60 level and closing above it on the daily candlestick chart. This breakout marks an exit from the previous sideways range.
Future Outlook:
The breakout signals the potential for continued upward momentum in the upcoming sessions, with the next target set at $81.50. This positive outlook is supported by the presence of the EMA50.
Trend Analysis:
A bullish trend is expected to prevail, with intraday trades likely to see additional positive movements. However, a downside break below $79.60 could indicate a pause in the bullish trend and a potential return to a corrective bearish trajectory.
Expected Trading Range:
The projected trading range for crude oil is between the support level of $78.90 and the resistance level of $81.50.
In summary, crude oil’s price action has broken out of its previous sideways range, setting the stage for further upward movement. Traders should monitor price movements closely, particularly the $79.60 support level, for potential shifts in trend direction.
