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Crude Oil Price Experiences Downward Pressure

by Jennifer

The price of crude oil is currently facing challenges in maintaining levels above the support line of the bullish channel. It has exhibited clear negative trends in recent sessions. Notably, technical indicators are providing positive signals that could help shift the price back onto a bullish trajectory. We anticipate favorable trades that could drive the price above 89.10, with potential gains beginning at 90.50.

Consequently, a bullish bias is suggested for today, taking into account that breaching the 87.95 level would impede the anticipated upswing and reintroduce bearish correctional pressure on the price.

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The expected trading range for today is between support at 87.00 and resistance at 90.00.

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Today’s trend is expected to be bullish.

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