The crude oil price exhibited robust upward momentum yesterday, confirming its successful breach of the 80.65 level. The session’s conclusion positioned the price above this pivotal threshold, setting the stage for a continuation of this positive trajectory. As the market unfolds today, a prevailing bullish bias is evident, propelling the price towards the 82.00 barrier. This reaffirms the overarching dominance of the bullish trend and heralds a resumption of the primary upward trajectory, with further gains in sight, aiming to encompass the 84.90 regions.
The forthcoming trading sessions are poised to reflect a sustained bullish trend, bolstered by the supportive presence of the EMA50, which guides the price from beneath. It is pertinent to highlight that a breach below the 80.65 level would halt the optimistic scenario, ushering in corrective bearish pressures.
The envisaged trading range for today spans from the support at 80.65 to the resistance at 83.50.
The projected trend for today remains bullish.