The price of crude oil has successfully reached our initial target at 86.55. It’s worth noting that the price has returned to test the critical support level at 84.55. The price’s ability to consolidate above this support level has shielded it from downward pressure so far. This supports the maintenance of the bullish trend outlook for the foreseeable future, with an anticipation of achieving further gains that could extend to 88.70.
Consequently, the bullish trend remains our favored scenario for intraday trading. However, it’s essential to be mindful that a break below 84.55 would nullify the anticipated uptrend, potentially setting the stage for a renewed bearish correction. In such a scenario, the next primary target would be located at 81.20.
The expected trading range for today is between the support level at 84.00 and the resistance level at 87.00.
The prevailing trend for today is characterized as bullish.
