Crude oil prices have displayed resilience, establishing a robust support level at 84.55. This has spurred a bullish rebound, signaling a determined effort to recover on an intraday basis. Analysts are inclined to believe that this upward trajectory may persist, with an aim to test the 88.70 price range.
In light of these developments, today’s sentiment leans toward the bullish side. A breakthrough of the 86.90 level is viewed as a potential catalyst to facilitate the achievement of the suggested target. However, it is essential to be aware that a failure to surpass this level may usher in a renewed period of decline, leading the price to retest the 84.55 mark and possibly paving the way for additional bearish correction on an intraday basis.
The anticipated trading range for today is predicted to fall within the support level of 85.00 and the resistance level of 88.00. This underscores the current bullish sentiment in the crude oil market, prompting market participants to closely monitor developments as they navigate evolving price dynamics.
