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Crude Oil Price Analysis
Crude oil prices are currently trading within a bullish pennant pattern. To confirm the positive momentum, the price needs to break above $78.95, which would likely lead to further gains, with initial targets at $79.55 and potentially extending to $81.50.
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We continue to forecast a bullish trend for the near term. However, if the price falls below $77.64, this positive scenario will be invalidated, leading to a potential decline.
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Expected Trading Range
- Support: $77.00
- Resistance: $80.00
Trend Forecast: Bullish
