Crude oil prices extended their positive performance in the previous session, successfully reaching our extended target at 88.05. It’s worth noting that the price encountered formidable resistance at this level, resulting in a minor bearish bias and approaching the support line of the intraday bullish channel, which represents the path of the last bullish wave. We anticipate a resumption of positive trades, aiming for new targets in the vicinity of 89.95.
The impending sessions are likely to exhibit a continued bullish sentiment, supported by the presence of the EMA50, which serves as additional reinforcement from below. However, it is essential to monitor the price’s behavior around the 86.00 level, as a breach could signify a shift in the scenario, potentially leading to a decline.
For today’s trading session, the expected trading range is foreseen to extend from the support level at 84.70 to the resistance level at 88.80.
In summary, crude oil prices have succeeded in achieving their targets and appear poised for further gains. The overall trend remains bullish, underpinned by key support levels, but vigilance around the 86.00 level is essential to gauge the potential for a reversal.