Crude Oil Price Analysis: Projected Future Situation
Due to the military tensions in the Middle East, the price of crude oil sharply rallied higher by today’s opening. It broke through the 83.90$ barrier and entered the main bullish channel once more, ending the recent bearish correction and moving back towards the main bullish track. The price of crude oil is expected to reach gains that will test the 87.80$ and may even reach the 89.35$ major stations.
Since breaking 83.90$ will end the bullish wave and cause the price to reach a new bearish correction, we anticipate seeing more rise in the coming period.
Anticipated Reaction
Today’s trading is expected to be in the range of 84.00$ support and 87.00$ resistance.