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Crude Oil Closes Higher, Bullish Momentum Expected

by Daisy

On July 5, 2024, crude oil prices concluded the trading day with a positive uptick, surpassing the critical level of $83.90 and closing above it. This breakthrough has strengthened anticipations of a sustained bullish trajectory in the short term and intraday periods, aligning with the established bullish channel visible on the charts.

Maintaining levels above $82.95 is deemed crucial for the continuation of the current bullish trend. A breach below this mark could lead to some retracement, potentially testing initial support at $81.50 before any renewed upward movement.

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The expected trading range for the near term is anticipated to span between support at $82.70 and resistance at $85.70. This range reflects ongoing market dynamics and investor sentiment surrounding crude oil.

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