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The decline in crude oil price halted at the 23.6% Fibonacci correction level, establishing solid support at $80.68. This support level suggests the potential for a recovery and a return to the main bullish trajectory, with initial targets set around the $83.85 mark.
However, breaching the $81.80 barrier would facilitate the anticipated upward movement. It’s crucial to note that a break below $80.68 would disrupt the bullish trend, potentially leading to additional bearish corrections, with the next target set at $78.90.
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For today’s trading range, analysts project fluctuations between the support level at $80.00 and resistance at $83.00.
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Overall Trend Outlook: Bullish
