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Crude Oil Price Hits Anticipated Target, Aims for Further Gains – Market Analysis as of February 28, 2024

by Jennifer

In a notable development, the crude oil price has successfully achieved our awaited target at 78.75 and has made attempts to breach this level. This signals a potential inclination towards realizing further expected gains in the upcoming trading sessions, with the next positive station set at 80.00.

The confirmation of a bullish wave is supported by the ascent above the Exponential Moving Average 50 (EMA50), sustaining the momentum for the intraday and short-term basis. It is crucial to note that a breach of the support level at 78.25 would alter this bullish trajectory, initiating a decline and directing the price towards bearish correction with an initial target of testing 77.00.

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As of today, the anticipated trading range is expected to fluctuate between the support level at 77.50 and the resistance at 80.40. The overall trend for today maintains a bullish sentiment, given the successful attainment of the awaited target and the potential for additional upward movements in crude oil prices.

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Market participants are advised to remain vigilant, closely monitoring the price levels of 78.25 and 80.40 to gauge the strength of the prevailing bullish wave. The breach or hold of these levels could significantly influence the trajectory of crude oil prices.

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