Crude oil prices successfully reached the anticipated second target of $79.84, encountering solid resistance at that level. This has led to some bearish movement at today’s open, suggesting that the price may test the key support base at $78.35 before potentially resuming its upward trajectory, influenced by the Relative Strength Index (RSI) showing signs of negativity.
Overall, the bullish trend is expected to dominate both intraday and short-term trading unless the price breaks below the $78.35 support level and sustains that position. Should the price manage to breach the $79.84 resistance, it could drive further gains toward $80.65 and possibly extend to $82.00.
Today’s expected trading range is between the $78.20 support and $81.10 resistance levels.
Trend Forecast: Bullish
