In the latest analysis, the crude oil price is exhibiting a bullish inclination, edging closer to the pivotal resistance level at $79.60. This level is integral to a broader sideways range, alongside the $77.64 support, indicating a prevailing sideways bias in intraday trading sessions. The decisive shift in direction is anticipated upon breaching one of these critical levels.
A breakthrough above the resistance barrier could herald further upward momentum, with a target set at $81.50 as the subsequent positive milestone. Conversely, a breach of the support level may pave the way for renewed downward pressure, with a near-term target set at $75.25.
The anticipated trading range is forecasted to oscillate between the $77.40 support and the $80.70 resistance, underlining the current market sentiment of sideways movement.
In conclusion, the trend forecast suggests a sideways trajectory for crude oil prices, with market participants closely monitoring developments around the key resistance and support levels for potential shifts in momentum.
