The price of crude oil successfully breached the 77.86 level, conclusively closing the daily candlestick above this pivotal mark. A closer examination of the chart reveals the completion of a double top pattern, instilling expectations of imminent intraday gains in the upcoming sessions. The anticipated trajectory points towards achieving targets at 79.60, with subsequent main stations identified at 81.20.
Given the pattern formation, a prevailing bullish bias is suggested for today’s trading activities. However, it is crucial to be mindful that a break below 77.86 has the potential to interrupt the anticipated upward movement, redirecting the price towards a decline once again.
As traders engage in the market, the projected trading range for today spans from support at 77.00 to resistance at 80.20. The overall trend for the day is expected to be bullish, highlighting the potential for further positive movements amid the evolving market conditions.
