Advertisements

Crude Oil Faces Resistance at $81.50, Eyes Bullish Momentum

by Daisy

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.

Advertisements

Current forecasts suggest a trading range between support at $79.70 and resistance at $82.60, indicating pivotal levels for future price action.

Advertisements

Trend Outlook: Bullish

You May Also Like

blank

Futuresstocktrading.com is a comprehensive futures information portal. Whether you’re a novice or seasoned trader, find futures news, futures market, futures trading tips, and futures basic knowledge to enhance your trading prowess and financial success.

[Contact us: [email protected]]

© 2023 Copyright  Futuresstocktrading.com – Futures Market, Investment, Trading & News