The price of crude oil has experienced a period of lateral movement since yesterday, with stochastic indicators still exhibiting a negative bias that poses challenges to its upward momentum. In contrast, the EMA50 continues to provide essential support to the price.
Consequently, the outlook suggests a continued inclination towards a bullish trend in the foreseeable future. Within this context, the price has set new targets, with an initial focus on the 86.90 level, followed by 88.05. It is important to note that a breach of the 84.90 threshold could halt the anticipated ascent, potentially prompting a corrective bearish phase before resuming its upward trajectory.
For today’s trading session, the projected trading range is expected to span between the support level at 84.70 and the resistance at 87.50, indicating the potential for price fluctuations in the crude oil market.
In summary, the crude oil market currently experiences a sideways consolidation, with the prospect of a bullish trend in the near future. Key targets at 86.90 and 88.05 are on the horizon, contingent upon the maintenance of support and the breach of the 84.90 resistance level as potential reversal points.
