In a compelling display of strength, oil prices surged upwards in yesterday’s trading session, breaching the initial target of 80.60 with determination. The ascent continued as prices approached the second predefined target of 82.00. This impressive performance is underscored by the renewed adherence to the ascending channel, instilling renewed optimism for the possibility of a resurgence in the upward trajectory. The market sentiment gains momentum, setting its sights on a potential climb towards the 83.50 mark.
The anticipation of further gains in the short term and intraday levels remains palpable, underpinned by the support of the 50-period Simple Moving Average (SMA). However, it is noteworthy that a breach of the 81.05 level could introduce the potential for downward pressure, potentially leading to a retest of the pivotal support zone around 78.90 before embarking on any new bullish endeavors.
For the current trading session, the envisaged range is projected to stretch between the support at 80.60 and the resistance at 83.60.
In summation, the prevailing outlook for today maintains its bullish tilt. While expectations of additional gains are fueled by supportive factors such as the 50 SMA, a degree of caution is advised, as a breach of certain key levels could alter the near-term trajectory.