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Crude Oil Faces Resistance at $81.50 Amid Bullish Channel

by Daisy

Crude oil prices recently reached the $81.50 mark, encountering substantial resistance and signaling a slight bearish trend upon slipping below the $81.00 threshold. Analysts are now anticipating a potential catalyst that could reignite bullish momentum within the established uptrend channel, targeting further gains towards $82.25 and potentially $83.90.

However, a decline below $80.50 could interrupt this anticipated upward trajectory, prompting a test of key support levels around $79.55 before any renewed upward movement is expected.

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According to market projections, the trading range is likely to hover between support at $79.70 and resistance at $82.60 in the near term, underscoring cautious optimism despite recent fluctuations.

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Trend Outlook: Bullish

This revised version captures the essence of the original article while adhering to professional standards for clarity and objectivity in news reporting.

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