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Recovery in Crude Oil Prices – Market Analysis – February 27, 2024

by Jennifer

Crude oil prices concluded the previous session above the 77.00 level, signaling a trajectory toward anticipated gains on an intraday basis. The commodity is striving to reclaim its primary bullish trajectory, with an initial target set at 78.75. Successful breach of this level will affirm the continuation of the upward movement, targeting additional gains reaching the significant barrier of 80.00$ per barrel.

The bullish outlook remains prevalent for today, contingent on the 77.00 level remaining intact. A breach of this level, however, would introduce a negative factor, prompting additional bearish correction, with the next target situated at 75.93.

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Today’s Expected Trading Range: 76.50 (Support) – 79.50 (Resistance)

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Traders are advised to maintain a bullish bias, keeping a watchful eye on the support level at 76.50 and the resistance level at 79.50 during today’s trading activities.

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