Oil Price Fails to Break Above Resistance, But Momentum Remains

The crude oil price declined in its latest intraday trading, failing to break above the key resistance level at $93.50.

Despite this setback, the price is attempting to regain momentum and potentially overcome the resistance, supported by a minor trend line and the dominance of the main bullish short-term trend.

The continued positive pressure from trading above EMA50 also provides a dynamic support base that strengthens the chances of a recovery and breakout.