In the latest analysis of crude oil prices, the market demonstrates a notable recovery, signaling a bullish bias.
Bullish Momentum
Crude oil prices exhibit a clear bullish bias, successfully surpassing the $82.00 barrier. Supported by the EMA50, the market suggests a continuation of the upward trend, with initial gains targeting $83.56.
Intraday Outlook
Expectations favor a further bullish bias in the short term. Breaching $82.40 will reinforce bullish sentiment, while failure may lead to a retest of $80.68. A breakdown below $80.68 could extend the correctional bearish wave towards $78.90.
Trading Range
For today’s trading session, the anticipated trading range for crude oil prices is expected to range between $81.00 as support and $83.80 as resistance.
Trend Forecast: Bullish
Given the current momentum and the bullish bias observed in the market, the forecast for crude oil prices leans towards optimism. Traders are advised to closely monitor price movements and key support and resistance levels for potential trading opportunities.
