Technical Analysis: Crude oil price awaits more rise on July 31st

July 31st, Crude oil price managed to breach 80.00 and hold above it, which supports the continuation of the expected bullish trend in the upcoming period, organized inside the bullish channel that supports the chances of heading towards 82.35 followed by 83.50 levels as next main targets.

Therefore, we expect to witness more bullish bias on the intraday and short-term basis, supported by the EMA50 that carries the price from below, noting that breaking 78.90 will stop the positive scenario and push the price to achieve some bearish correction.

The expected trading range for today is between 79.00 support and 82.30 resistance.

The expected trend for today: Bullish