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Crude Oil Price Reaches Target – July 2, 2024

by Jennifer

Crude Oil Price Analysis:

Recently, crude oil prices have settled near the anticipated target of $83.90. The market now awaits further positive momentum to propel prices beyond this level and sustain an upward trajectory within the established bullish channel visible on the charts. The next optimistic targets are projected to extend up to $85.80.

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The bullish trend is expected to persist in the upcoming period, underpinned by the potential for continued price appreciation. However, it’s crucial to monitor whether the $83.90 level consolidates support against the current bullish wave. Any failure to maintain this consolidation could exert downward pressure on oil prices, triggering an intraday bearish correction targeting support levels around $82.00 to $81.50, before potentially resuming upward movement.

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Expected Trading Range:

The anticipated trading range for crude oil today spans from support at $82.50 to resistance at $85.50.

Trend Forecast: Bullish

In summary, the outlook for crude oil remains bullish, with expectations of further upward movement if support holds around $83.90. Traders are advised to monitor price action around key levels for potential entry and exit opportunities, considering both bullish momentum and potential corrective phases within the broader upward trend.

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