Crude oil prices continue their ascent within the confines of the established bullish channel, encountering robust resistance around the $91.00 level. Market participants are now eagerly awaiting a surge in positive momentum that can facilitate the continuation of the upward trajectory, ultimately setting sights on the initial target, which has been adjusted upwards to $92.25.
In light of this, the bullish trend scenario remains not only valid but also active for the forthcoming period. If the targeted level at $92.25 is successfully breached, the bullish momentum may extend further, leading the price towards the $93.00 mark. It is worth noting that the bearish correction may materialize if the price breaks below $90.20, primarily impacting intraday trading dynamics.
For today’s trading session, the projected trading range is expected to range between the support level at $89.80 and the resistance level at $92.80. The dominant trend outlook for the day remains bullish.
Market participants are advised to stay vigilant and stay informed about the latest developments that can influence crude oil prices. Key factors include supply and demand dynamics, geopolitical events, and economic indicators. Staying updated on market conditions is essential for making well-informed trading decisions.
