After reaching our anticipated target of $83.90, crude oil prices have encountered formidable resistance, particularly as the EMA50 intersects this level, enhancing its significance. This convergence may potentially catalyze a downward correction, warranting caution and a wait-and-see approach until the price clarifies its stance around the $83.90 mark. Should a breach occur, signaling a breakthrough of resistance, the price could resume its primary bullish trajectory, targeting gains starting at $85.15 and extending to $87.05. Conversely, a sustained consolidation below this level could prompt a revisit to the $81.50 support zone.
Trading Range:
For today’s trading session, we anticipate a range bound between support at $82.00 and resistance at $85.30.
Trend Forecast:
Given the current uncertainty, we maintain a neutral outlook on the trend, awaiting further confirmation from the market.