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Crude Oil Price Shows Signs of Bullish Reversal, Eyeing $80.70 and $83.00 Levels

by Daisy

Crude oil prices have found solid support at $78.25, preventing further declines and sparking a bullish rebound. The price has stabilized within a positive upward channel, reinforcing the likelihood of a continued upward trend in the coming sessions. Analysts are now targeting key resistance levels at $80.70, followed by $83.00.

The 50-period Exponential Moving Average (EMA50) further supports the anticipated bullish movement. However, a drop below $78.25 would reverse the current trend, pushing prices toward new lows, with $76.75 as a potential target.

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For today, the expected trading range is between $78.25 on the downside and $81.25 on the upside.

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Trend forecast: Bullish

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