Crude oil prices have successfully breached the key level at 88.18, closing the daily candlestick above it. This development marks a resumption of the primary bullish trend, characterized by its organization within the bullish channels observed on the price chart. The next anticipated target for crude oil price is set at 90.00, with potential for further advancement towards 91.65 upon surpassing the 90.00 level.
Supporting this positive outlook is the presence of the EMA50, which continues to provide essential support, underscoring expectations for continued price increases in the upcoming trading sessions. It’s worth noting that a breach of the 88.10 level would halt the bullish scenario, potentially prompting a short-term bearish correction before a potential return to bullish movement.
For today, traders should be mindful of a trading range expected between the support level at 87.60 and the resistance level at 90.60.
The prevailing trend for today suggests a bullish bias, indicating potential buying opportunities in line with this trend.
