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Crude Oil Prices Seek Further Upside Momentum

by Jennifer

As of February 20, 2024, crude oil prices exhibit positive momentum, distancing themselves from the $77.86 level. This strengthens the outlook for a continued upward trajectory within the established bullish channel visible on the chart. The market anticipates a potential visit to the levels of $79.15, followed by $80.00, representing the next significant targets.

The EMA50 acts as a supportive factor from below, reinforcing expectations for the continuation of the prevailing bullish trend. It is crucial to note that a breach of the $77.86 level could disrupt the positive scenario, signaling the initiation of a bearish correction on an intraday basis.

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Traders are advised to monitor the expected trading range for the day, projected to fluctuate between the support level at $77.30 and the resistance level at $80.30.

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In conclusion, crude oil prices are currently seeking additional positive momentum, supported by the EMA50, with targets set at $79.15 and $80.00. A breach of $77.86, however, may usher in a corrective bearish phase.

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