Crude oil price has effectively surpassed the pivotal level of 80.65, establishing a clear breach and consolidating its stance above this threshold. This achievement marks the commencement of a renewed upward trajectory, thereby validating the cessation of the preceding bearish correction. The transition signals a resumption of the primary bullish trend, with prospective gains materializing, commencing from 82.90 and extending further to 84.90.
This prevailing sentiment leans towards a bullish bias in the imminent interval, a conviction fortified by the ascent above the 50-day Exponential Moving Average (EMA50). It is worth noting that a reversal below the level of 80.65 would prompt a halt in the anticipated ascent, potentially diverting the price trajectory back onto the correctional bearish track.
The anticipated trading scope for today’s session spans between the support foundation at 80.65 and the opposing resistance stronghold at 83.60. With the overarching trend pointing towards a bullish movement, the outlook remains positive for the crude oil price in the immediate future.