Recent trading patterns in crude oil indicate a consolidation within a bullish pennant formation, as depicted on the charts. For the bullish momentum to fully materialize, the price must breach the $78.95 mark, activating the pattern’s positive effect. This development is anticipated to propel the price towards initial targets starting at $79.55 and extending up to $81.50.
As such, our forecast suggests a continuation of the bullish trend in the upcoming period. It’s important to note that a break below the support level at $77.64 would invalidate the expected positive scenario, potentially triggering a reversal towards lower levels.
Expected Trading Range and Conclusion
Today’s expected trading range is forecasted between the support level of $77.00 and the resistance level of $80.00. These levels provide critical boundaries within which price movements are expected to fluctuate based on current market dynamics.
In summary, the outlook for crude oil remains bullish, contingent upon the breach of key resistance levels, while caution is advised should support levels fail to hold, signaling a potential shift in market sentiment.
