Crude Oil Price Hits Target, but Recovery Remains Elusive

The price of crude oil has gained some ground after stabilizing at $91.00, which was identified as our target price.

This stability provided the price with a positive momentum that helped it recover part of its previous losses and ease oversold conditions indicated by relative strength indicators.

However, despite these gains, the technical picture remains under pressure from a steep short-term bearish wave and trading below EMA50, limiting chances of a full recovery in the near term.