Today, July 12, 2024 – Crude oil prices have once again surged upwards, surpassing the $82.60 mark after a recent dip to $81.84. This upward movement reinforces expectations of a sustained bullish trend in both intraday and short-term trading. Analysts are now looking towards the next target at $84.68, a key resistance level.
Technical indicators point to the completion of a double bottom pattern, visible on the charts, which further bolsters the case for continued bullish momentum. However, caution is advised as a break below $81.84 could signal a reversal, subjecting prices to corrective bearish pressures.
Today’s expected trading range spans between $82.00 as support and $84.90 as resistance, highlighting the volatility and potential for further price movements in the crude oil market.
