Crude oil prices experienced a substantial upward rebound, finding significant support from the EMA50 after a period of recent negative trading. The price has since surpassed the 88.70 level and is now making an attempt to re-enter the primary bullish channel. This development is indicative of potential gains in the coming sessions, with price targets set at 90.50 and subsequently 92.00 as the primary bullish objectives.
As a result, we anticipate a bullish bias for today, supported by the formation of a double bottom pattern on the chart. However, it’s essential to be cautious as any price movement below 88.70 could place the price under renewed bearish pressure, with the initial target set at 86.90.
The expected trading range for today is foreseen to fluctuate between support at 87.50 and resistance at 90.50, with a prevailing bullish trend.
