Crude oil prices continued their upward trajectory yesterday, surging past the critical $80.00 per barrel threshold. This robust performance bolsters confidence in the anticipated bullish trend on an intraday basis. With the next target set at $81.50, close monitoring of price behavior at this juncture becomes imperative to discern the trajectory of the next trend.
Breaking above the $81.50 mark could pave the way for further upward momentum, potentially propelling prices towards the $83.91 region in the near term. Conversely, failure to sustain gains above this level may trigger a corrective decline in prices.
A breach of the $79.60 support level, however, would signal a halt to the current ascent and herald a shift towards a bearish correction.
Expected Trading Range
The expected trading range is anticipated to span between the $79.10 support level and the $82.00 resistance level, providing key reference points for market participants to gauge price movements.
Trend Forecast: Bullish
Amidst this backdrop, the overall trend forecast remains bullish, underpinned by the sustained upward momentum and the potential for further gains in the near term. As market participants navigate these price dynamics, vigilance and agility will be essential to capitalize on evolving opportunities in the crude oil market.
