Crude Oil (CL) Bullish Trend Continues: Surge Driven by Rising Demand and OPEC's Supply Reductions
Since December 2023, CL has been on an upward trajectory bolstered by heightened demand and OPEC's proactive supply cuts. Notably, in February, the market broke through the 209-day Moving Average (MA), a significant technical indicator, and retested it in March, reaching a price peak of $80.
This week, CL has exhibited remarkable strength, surpassing a major resistance level and surging above $85. With this breakout, the next plausible target appears to be $90.
Considering the sustained bullish momentum and the fundamental factors supporting the price surge, the current market conditions favour a bullish stance on CL.
Since December 2023, CL has been on an upward trajectory bolstered by heightened demand and OPEC's proactive supply cuts. Notably, in February, the market broke through the 209-day Moving Average (MA), a significant technical indicator, and retested it in March, reaching a price peak of $80.
This week, CL has exhibited remarkable strength, surpassing a major resistance level and surging above $85. With this breakout, the next plausible target appears to be $90.
Considering the sustained bullish momentum and the fundamental factors supporting the price surge, the current market conditions favour a bullish stance on CL.