Crude Oil Prices Confirm Bullish Trend
Crude oil prices have successfully breached the $78.35 level and closed the daily candlestick above this threshold. This technical move reinforces expectations of a sustained bullish trend, with the potential for further gains. The next key target is the $78.35 level itself, which, if surpassed, could push prices toward $79.84 in the near term.
Technical Indicators and Support
The 50-period Exponential Moving Average (EMA50) is providing support from below, indicating strength in the bullish momentum. However, if prices fall below $78.35, this could halt the bullish trend and lead to a decline, potentially targeting the $75.00 area as an initial support level.
Trading Range and Forecast
For today, August 12, 2024, the expected trading range for crude oil is between $76.00 (support) and $79.00 (resistance).
Overall Trend
The overall trend for crude oil remains bullish.
