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Crude Oil Price Approaches Second Target: Forecast for June 19, 2024

by Jennifer

Crude Oil Price Analysis

Crude oil prices are continuing their bullish rally, approaching the target of $81.50. The price is moving within a bullish channel, indicating potential for further gains. The next main targets are set at $82.25 and $83.90.

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Supporting Factors

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The EMA50 provides support from below, reinforcing bullish trend expectations.

Price stability above $79.55 is crucial for maintaining the bullish outlook.

Expected Trading Range for Today

  • Support: $80.00
  • Resistance: $82.90

Trend Forecast: Bullish

Crude oil is expected to continue its upward trend, with technical indicators and support factors pointing towards further price increases.

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