Today, crude oil prices made a determined effort to surpass the $83.90 mark, encountering robust resistance that has introduced a bearish undertone. The current trajectory suggests a potential test of the bullish channel’s support line. The EMA50 indicator remains a steadfast support from below, indicating a continuing bullish trend in the near future, contingent upon a decisive breach above the aforementioned resistance level, which could propel prices towards the next significant target at $85.80.
The bullish momentum is structured within a defined channel, underscoring the potential for upward movement. However, a breach of the channel’s support line at $82.90 may lead to intraday losses, possibly testing the $81.50 threshold before any renewed upward momentum.
Anticipated Trading Range
The expected trading range for crude oil is between support at $82.30 and resistance at $85.00.