Crude oil prices are poised to resume their bullish rally, aiming for an initial target of $81.50. The prices are moving within a bullish channel, suggesting potential for further gains. The key targets beyond $81.50 are $82.25 and $83.90.
Supporting Factors
EMA50 Support: The Exponential Moving Average (EMA50) is providing robust support from below, bolstering the bullish trend expectations.
Price Stability: Maintaining price stability above $79.55 is crucial for sustaining the bullish outlook.
Expected Trading Range for Today
Support Level: $80.00
Resistance Level: $82.90
Trend Forecast
Overall Trend: Bullish