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Crude oil prices encountered strong resistance at the initial positive target of $78.35, leading to a slight bearish correction. The price may test the bullish trend line before resuming its upward momentum, with a breach of the $78.35 level likely to pave the way for a move toward the next positive target of $79.84.
The EMA50 continues to provide positive support, reinforcing the expectation of a continued rise. It’s important to note that the persistence of this bullish trend depends on the price remaining above the $76.86 level.
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The anticipated trading range for today lies between the $76.50 support and the $79.50 resistance levels.
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Trend Forecast: Bullish
