Advertisements

Crude Oil Prices Eye Breakthrough Amidst Resistance

by Jennifer

Crude oil prices are actively attempting to breach the significant level of 77.86 but are encountering sturdy resistance at this point. The market is currently awaiting positive momentum to facilitate a successful breach, paving the way for a rally towards 79.60, followed by 81.20, which stands as the subsequent positive targets.

The EMA50 (Exponential Moving Average) is acting as a supportive factor for the price, reinforcing the bullish trend’s potential for the upcoming period. This bullish outlook is contingent on the price maintaining stability above 77.25. A breach of this level would introduce a negative factor, potentially triggering a decline towards 75.85 initially.

Advertisements

For today’s trading, the projected range lies between the support level of 76.50 and the resistance level of 79.50.

Advertisements

The prevailing trend for today leans towards a bullish trajectory, with a keen eye on price stability and potential breakthroughs in resistance levels. Traders are advised to closely monitor market developments for timely decision-making.

You May Also Like

blank

Futuresstocktrading.com is a comprehensive futures information portal. Whether you’re a novice or seasoned trader, find futures news, futures market, futures trading tips, and futures basic knowledge to enhance your trading prowess and financial success.

[Contact us: [email protected]]

© 2023 Copyright  Futuresstocktrading.com – Futures Market, Investment, Trading & News