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Crude Oil Price Nears Support with Bullish Bias – Forecast for July 1, 2024

by Jennifer

Crude Oil Price Analysis

Crude oil prices encountered downward pressure during Friday evening’s session, testing a critical support level at $81.50. However, the price has begun today with a bullish inclination, aiming to resume its anticipated upward trend on an intraday basis, with the next target set at $83.90.

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Analysts maintain a bullish outlook for the near future, supported by the EMA50 indicator. It is emphasized that a breach of the $81.50 support level could halt the anticipated upward movement and potentially lead to a reversal towards a decline.

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Expected Trading Range

The anticipated trading range suggests support at $81.00 and resistance at $84.00 for the forthcoming trading sessions.

Trend Forecast: Bullish

The trend forecast remains bullish for crude oil prices in the immediate period ahead.

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