Crude oil prices experienced significant downward pressure yesterday, slipping below the crucial $83.90 mark and settling below it. Analysts observe that the commodity is now poised to potentially test the support line of its bullish channel, clearly visible on recent charts. Despite this downturn, the EMA50 indicator continues to offer essential support, keeping trading activities within the established channel.
Market experts suggest that this setup poses a challenge to the ongoing bullish trend, emphasizing the importance of breaching the $83.90 resistance level to bolster chances of rallying towards the next target at $85.80.
In terms of expected trading behavior, forecasts indicate a range bound between a support level of $82.10 and a resistance level at $85.00. Analysts recommend close monitoring of price movements within this range for insights into future market directions.