The price of crude oil is currently hovering around the EMA50, demonstrating stability above the crucial support level of $80.68. This maintains the validity of the bullish trend scenario for the upcoming period, with expectations of acquiring positive momentum to facilitate upward movement towards optimistic targets. Initial targets are anticipated at $82.70, followed by $83.56.
However, it’s essential to acknowledge the formation of a head and shoulders pattern, which could potentially alter the intraday trajectory downwards and trigger a bearish correction if the support at $80.68 is breached and sustained below. Confirmation of this breakdown may propel the price to revisit $78.90 promptly.
For today’s trading activities, the projected range is expected to fluctuate between support at $80.00 and resistance at $83.00.
Trend Forecast: Bullish
