In today’s analysis for April 16, 2024, crude oil price has demonstrated a halt in its decline near the $84.00 barrier, followed by a clear upward bounce that resulted in breaking above the $86.00 level and settling above it. This development effectively halts the previously suggested negative scenario and indicates a potential return to the main bullish trend.
As the price moves towards achieving gains ranging from $87.60 to $89.00, we anticipate further upward movement in the upcoming sessions, supported by its position above the EMA50. However, it’s crucial to note that breaking below $85.45 would halt the current bullish wave, potentially leading the price to target the support line of the bullish channel around $83.30 before any new positive attempt.
The expected trading range for today is anticipated to be between $85.00 as support and $88.00 as resistance.
Trend Forecast: Bullish
