Crude oil prices have renewed their upward trajectory, surging to the 84.00 mark. This development reinforces the prevailing sentiment of a continued bullish trend in both the intraday and short-term perspectives. It’s important to note that our anticipated targets are set at 84.90, with a breakthrough at this level serving as the pivotal point for an ascent toward 86.20, followed by 86.90 as significant milestones.
Maintaining a position above 82.75 is of utmost importance for the expected upward trajectory to persist. A breach of this level, however, could prompt a bearish correction and potentially lead to a test of the critical support at 80.65 before any subsequent upward attempts.
Today’s projected trading range is expected to fluctuate between the support at 82.70 and resistance at 85.70.
In summary, the prevailing trend remains bullish, with market participants closely monitoring key levels for potential shifts in momentum.
Anticipated Trend for Today: Bullish