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Crude Oil Price Faces Strong Resistance but Maintains Positive Outlook – Market Analysis for February 29, 2024

by Jennifer

Crude oil prices encountered robust resistance around the 78.75 level in recent trading sessions. Despite an attempt to breach this level, the price failed to consolidate above it and is currently trading below. It’s noteworthy that the price has found support around 78.25, from where it has initiated positive trades.

This price action is signaling a bullish bias for today, with an anticipated move towards the next main target at 80.00. Market analysts are optimistic about the potential for new positive trades in the upcoming sessions, contingent on the price maintaining its consolidation above the minor support at 78.25.

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It is crucial for traders to monitor the price dynamics closely, as a break below 78.25 could interrupt the expected upward movement and lead to a decline towards 77.00 before any new positive attempts are made.

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The projected trading range for today is situated between the support level at 77.30 and the resistance level at 80.20. The expected trend for today is bullish, but traders are advised to stay vigilant for any shifts in market conditions that may impact the outlook.

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