The price of crude oil has maintained its upward trajectory, surpassing the $81.50 mark and closing above it on the daily candlestick chart. This development reinforces expectations for a sustained bullish trend in both the intraday and short-term perspectives. The price action remains structured within a bullish channel visible on the chart, further bolstering prospects for reaching new upward targets, starting at $82.25 and extending to $83.90.
Supporting this bullish sentiment is the EMA50 indicator, which continues to underpin the anticipated upward movement. However, failure to consolidate above the $81.50 level could prompt a reversal, with the price potentially testing the lower boundary of the bullish channel around $80.25, and further down to $79.60, before any renewed attempt at an upward move.
Expected Trading Range
The anticipated trading range is between $81.20 as support and $83.30 as resistance.
Trend Forecast: Bullish
Overall, the outlook for crude oil prices remains bullish, supported by recent price action and technical indicators suggesting potential further gains in the near term.
