Houston, Texas, September 28, 2023 (GLOBE NEWSWIRE) – In the midday update for crude oil, the commodity’s price is currently experiencing a downward push, aiming to breach the crucial level at 94.20. This development prompts caution among traders, as a confirmed break below this level would signal the interruption of the anticipated positive scenario for today and subject the price to further downward pressure in subsequent trading sessions.
However, it is worth noting that surpassing the resistance at 94.55 would facilitate the resumption of the bullish trend, with the primary target lying at 96.60. These levels serve as pivotal references for traders seeking opportunities within the crude oil market.
For today’s trading, the expected trading range spans from the support level at 93.70 to the resistance level at 96.80. These boundaries provide essential guidance for traders to assess potential price movements in the crude oil market.
In summary, the midday update for crude oil highlights the presence of downward pressure, with the commodity testing the critical level at 94.20. Traders are advised to exercise caution and closely monitor price developments, especially in relation to the vital support and resistance levels mentioned.