Crude oil prices have successfully consolidated above the support line of the established bullish channel, displaying stability and adherence to this critical level. Following the trading guidelines within the channel framework, the price is poised to construct a bullish wave on an intraday basis, with an initial focus on targeting 79.55, followed by 80.95 as key positive milestones.
Consequently, positive trading activity is anticipated in the upcoming sessions, and breaching the level of 78.70 is expected to facilitate the realization of the suggested targets. It is important to note that a breach below 78.15 would act as an impediment to the anticipated upward movement, potentially prompting the price to undergo further bearish correction.
The projected trading range for today extends between the support at 77.00 and the resistance at 80.00.
Projected Trend for Today: Bullish
