Crude oil prices recently reached the $81.50 mark but encountered significant resistance, prompting a minor downturn below the $81.00 threshold. Analysts are now awaiting catalysts that could reignite bullish momentum within the established uptrend visible on charts, with potential targets set at $82.25 and $83.90.
However, a drop below $80.50 could stall the anticipated upward movement, potentially leading to a test of critical support at $79.55 before any renewed upward efforts.
Current forecasts suggest a trading range between support at $79.70 and resistance at $82.60, indicating pivotal levels for future price action.
Trend Outlook: Bullish