Crude oil prices have rebounded decisively, surging past the $82.60 mark and settling above it. This signals a halt to the recent bearish correction and suggests a return to the dominant bullish trend, with targets set on surpassing the recent peak of $84.68.
The upward momentum is bolstered by the price moving above the EMA50, indicating potential for continued gains in upcoming sessions. Analysts caution that a drop below $81.84 could trigger renewed downward pressure, targeting support levels around $80.08.
Today’s trading outlook suggests a range-bound movement, with anticipated support at $81.60 and resistance near $84.50. Investors are closely monitoring these levels amid expectations of sustained bullish sentiment in the oil markets.