The crude oil market saw a test of the minor support level at $82.90, yet failed to decisively breach it, resulting in a consolidation phase between this support and the $83.90 resistance. This deadlock maintains a stance of neutrality in the market, awaiting a breakthrough of either boundary to delineate the next trajectory clearly.
Anticipated Scenarios:
Should the aforementioned support level give way, the price is likely to retreat towards $81.50, marking the initial downside target. Conversely, a breach of the resistance barrier would interrupt the corrective bearish momentum, redirecting the price back onto its primary bullish trajectory, with gains potentially targeting a commencement at $85.40.
Trading Range:
Today’s projected trading span is expected to oscillate between the support level at $81.60 and the resistance at $85.00.
Trend Forecast: Neutral