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Crude oil prices are forming a boundary between bulls and bears around $61.13, recently oscillating around this key level. From a fundamental perspective, ongoing geopolitical conflicts continue to support the bulls, while technically, the market shows clear range-bound characteristics.
**Price Range Framework**
The resistance levels are at 61.50 and 61.70, which are important short-term breakout points. Support levels are at 61.0 and 60.88, with 60.88 being a stronger resistance level.
**Trading Ideas**
Bullish Opportunities: Build positions between 61.13 and 61.0, with stop-loss set below 60.88. The first target is in the 61.50-61.69 range. If crude oil stabilizes above 60.88, consider adding to long positions, maintaining the same stop-loss logic.
If the price breaks above 61.50, continue to follow the bullish trend, adjusting the stop-loss to below 61.30, aiming for the new high at 61.69. Conversely, if it unfortunately falls below 60.88, consider a light short position near 61.0, with stop-loss above 61.20, and target the 60.50 level.
Markets change rapidly, so specific execution should be adjusted according to actual market movements.