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Crude Oil Prices Approach Key Target

by Daisy

July 2, 2024 – Crude oil prices have nearly reached the anticipated target of $83.90 per barrel. The market is now poised to gain the positive momentum needed to surpass this benchmark, potentially continuing its upward trajectory within the current bullish channel. Analysts are eyeing further gains, with positive targets extending up to $85.80 per barrel.

The outlook remains bullish for the near term, though it is noted that failure to maintain the $83.90 level could introduce negative pressure. Should this happen, an intraday bearish trend could emerge, aiming to test the $82.00 to $81.50 range before any renewed attempts at climbing higher.

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Expected Trading Range
Support: $82.50
Resistance: $85.50

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