Yesterday saw a robust recovery in crude oil prices, marking a decisive breach above the $81.84 threshold. This bullish momentum effectively halted the recent bearish correction, signaling a renewed upward trajectory with an initial target set at the recent peak of $84.68.
Today’s outlook remains bullish, underpinned by continued trading above the EMA50. However, a retreat below $81.84 could trigger a new round of bearish correction, potentially testing support around $80.08.
Looking ahead, the anticipated trading range for the day spans from $81.70 support to a resistance level at $84.70. Investors are advised to monitor these key levels closely as crude oil continues its volatile path.