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Crude Oil Price Analysis Indicates Continued Bullish Momentum – 18-06-2024

by Jennifer

In a robust surge yesterday, crude oil prices displayed significant upward movement, culminating in the completion of a bullish pennant pattern. This surge propelled the price beyond our initial target of $79.55, solidifying its position above this level. Such developments reinforce the expectation of continued bullish dominance in forthcoming sessions, with the subsequent target set at $81.50.

The prevailing outlook advocates for a bullish trend in both intraday and short-term perspectives, underpinned by the supportive influence of the EMA50, which aids in propelling the price upwards. It’s noteworthy that a breach of the $79.55 mark could signal a potential reversal in the bullish rally, potentially prompting a downturn.

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Expected Trading Range

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Today’s anticipated trading range is projected to fluctuate between the support level of $78.80 and the resistance level of $81.70.

Trend Forecast: Bullish

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