In a robust surge yesterday, crude oil prices displayed significant upward movement, culminating in the completion of a bullish pennant pattern. This surge propelled the price beyond our initial target of $79.55, solidifying its position above this level. Such developments reinforce the expectation of continued bullish dominance in forthcoming sessions, with the subsequent target set at $81.50.
The prevailing outlook advocates for a bullish trend in both intraday and short-term perspectives, underpinned by the supportive influence of the EMA50, which aids in propelling the price upwards. It’s noteworthy that a breach of the $79.55 mark could signal a potential reversal in the bullish rally, potentially prompting a downturn.
Expected Trading Range
Today’s anticipated trading range is projected to fluctuate between the support level of $78.80 and the resistance level of $81.70.
Trend Forecast: Bullish
