Crude oil prices have reached the anticipated target of $79.84 but have encountered strong resistance at this level. Following this resistance, the market has shown a bearish trend at the opening, with potential for a decline towards the key support level of $78.35. This movement is influenced by negative signals from the Relative Strength Index (RSI).
Overall, the prevailing bullish trend is expected to persist on both intraday and short-term bases, provided that prices remain above $78.35. A sustained break below this support level could signal a shift in trend. Conversely, if prices breach $79.84, they could aim for additional positive targets, potentially reaching $80.65 and then $82.00.
For today, the anticipated trading range is set between the support level of $78.20 and the resistance level of $81.10.
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