Midday Update: Crude Oil Price Maintains Sideways Movement

by Jennifer

The price of crude oil has been fluctuating within a sideways range since this morning, with it currently trading below the 83.00 level. This has not led to any changes in the expected bearish trend scenario for today. The primary target remains the breaking of the 82.00 level to confirm the potential for further downward movement, targeting 80.55 and then 79.10 as the next key support levels. It’s important to note that a breach of 83.30 could halt the expected decline and lead to a potential reversal to the upside.

The anticipated trading range for today is expected to be between the support level at 81.00 and the resistance level at 84.00.


The overall trend for today is expected to be bearish.


Please be aware that this analysis is based on technical factors, and actual market conditions may vary. Traders should exercise caution and consider multiple factors before making trading decisions.

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