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Crude Oil Price Anticipates Further Upside Movement

by Jennifer

Having tested the 82.00 barrier and encountering substantial resistance, the price of crude oil is currently displaying lateral trading patterns. The market is poised to gather the necessary positive momentum to facilitate the continuation of the projected bullish trend in the short-term and intraday context. The primary target of this trend lies around the 84.90 levels.

Consequently, our outlook maintains a bullish sentiment for the impending period, reinforced by the support of the EMA50. It’s worth noting that a breach below the 80.65 level would halt the optimistic scenario, potentially prompting a return to a corrective bearish trajectory.

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The projected trading range for today is anticipated between 80.65 as support and 83.50 as resistance.

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Projected trend for today: Bullish

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