The crude oil market has exhibited a resurgence in positive trading momentum, with prices testing the resistance line within a defined sideways range at $79.60. However, analysts foresee a plausible bearish retracement, potentially leading to a test of the support level around $77.64. This anticipation maintains a prevailing sideways bias in the intraday perspective.
Breakouts beyond either the resistance or support thresholds are expected to offer clearer directional signals for the subsequent market movements.
A breach above the resistance level at $79.60 could pave the path for further upward momentum, with potential gains reaching around $81.50. Conversely, a downward breach beneath the support level at $77.64 might signify a resumption of the primary bearish trend, targeting new lows commencing from $75.25.
Market observers project a trading range between the support at $77.60 and resistance at $80.60.
In light of the current analysis, the trend forecast indicates a continuation of the sideways trajectory in the near term.
