Crude oil prices are back in positive territory, persisting in their pursuit of the initial bullish target, currently set at 92.45. This target corresponds to the primary resistance line of the prominent bullish channel evident on the chart. It’s worth noting that the price is currently situated within a minor bullish channel, further bolstering the likelihood of successfully surpassing the aforementioned level. Achieving this milestone could open the door for additional gains, potentially reaching up to 95.00.
In light of these developments, the bullish trend scenario is expected to persist in the near term. However, traders should remain vigilant, as a breach of the 91.00 support level could signify a potential reversal, leading to bearish correction on an intraday basis.
For today, the anticipated trading range spans from the support level at 90.40 to the resistance level at 93.50.
To summarize, crude oil prices are resuming their upward trajectory, targeting the primary resistance level of 92.45 within the bullish channel. Nevertheless, traders should monitor price movements closely, particularly with regard to the specified support and resistance levels, when formulating their trading strategies.
