Crude oil price awaits more rise amid bullish trend

Keeps its Stability Above It

Crude oil price settles around 80.00$ barrier and keeps its stability above it. To support he chances of continuing the expected bullish trend on the intraday and short-term basis. Organized inside the bullish channel that appears on the chart. Noting that our next targets begin at 81.55 and extend to 82.70.

The current market dynamics suggest that there is a potential for further upward movement in the upcoming trading sessions. It is crucial to keep a close eye on the price levels, particularly the minor support at 79.70. A break below this support level could trigger a temporary decline in the price. Leading to a test of key support areas starting from 78.70 and potentially extending to 78.25 before any significant attempt at a resurgence.

Investors and traders should monitor these support levels closely. As they can provide important cues about the market sentiment and future price movements. Testing key support areas is a common occurrence in trading patterns and often precedes a new attempt at upward movement. By staying informed and vigilant, market participants can make well-informed decisions and capitalize on potential opportunities that may arise as the price fluctuates in response to changing market dynamics.

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Source: economies.com

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