Crude oil prices experienced additional gains in trading yesterday, edging closer to the newly anticipated target at $83.85. The market continues to follow an upward trajectory within a bullish channel, supporting the potential for further advances in the intraday and short-term outlooks. It is worth noting that the next target stands at $86.00.
The EMA50 indicator remains a supportive factor for the ongoing bullish momentum. However, traders should be mindful of potential temporary sideways movements influenced by negative readings in the RSI indicator. A break below the support level at $82.55 could trigger a decline, with the price potentially testing the lower boundary of the bullish channel around $81.20 before attempting another upward move.
The expected trading range for today is projected to be between the support level of $81.70 and the resistance level of $84.60.
Overall, the trend forecast for crude oil prices remains bullish, with indications pointing towards the likelihood of further upward movement in the near term.
