Crude Oil Price Poised for Further Upswing – March 4, 2024

by Jennifer

As crude oil prices find stability around the $80.00 barrier, the groundwork is laid for the continuation of the anticipated bullish trend on both intraday and short-term scales. This trajectory is neatly organized within a bullish channel, evident on the chart, setting the stage for forthcoming targets commencing at 81.55 and extending to 82.70.

Market analysts express optimism for further upward movement in the upcoming sessions, underlining the importance of sustaining the current bullish momentum. It is noteworthy that any breach of the minor support at 79.70 could lead to a temporary decline, prompting a test of key support zones ranging from 78.70 to 78.25 before initiating a new ascent.


Investors and traders are advised to closely monitor the market dynamics, especially the critical support and resistance levels. Breaking below 79.70 may signal a short-term correction, while the current bullish trend remains intact.


For today, the projected trading range is expected to fluctuate between 78.80 (support) and 81.80 (resistance), providing key reference points for potential price movements.

In summary, crude oil prices exhibit a poised bullish trend, with anticipation for further ascent. Vigilance is crucial, as a breach of support at 79.70 could introduce a temporary corrective phase.

Projected Trading Range for Today: 78.80 (Support) – 81.80 (Resistance)

Anticipated Trend for Today: Bullish

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