Crude oil price concluded yesterday’s trading session with significant positivity, affirming its breach of the crucial level at 78.70 and edging closer to the barrier at $80.00. This development sets the stage for further gains on both intraday and short-term bases, with the next major target anticipated at 80.95.
The successful breach of 80.05 is poised to reassert the price within the bullish channel, reinforcing expectations of a continued upward trend. However, it is noteworthy that a reversal below the support level of 78.70 could halt the anticipated rise, potentially redirecting the price towards a correctional bearish trajectory.
For today’s trading activities, the projected range is expected to fluctuate between the support level of 78.50 and the resistance level of 81.50, reflecting the prevailing market dynamics.
Trend Forecast: Bullish Momentum
