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Crude Oil Price Reverses Bearish Trend

by Jennifer

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.

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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.

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