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Crude oil prices concluded yesterday above the $78.66 level, setting the stage for further gains on an intraday basis. The next target is the $80.08 level. It is crucial to monitor the price’s behavior at this juncture, as a breakthrough of this level could signal continued upward momentum, with potential gains extending to $81.84. Conversely, if the price consolidates below $80.08, it may revert to a bearish correction, initially testing the $78.66 support.
Additionally, a drop below $78.66 would negate the anticipated rise and could lead to a decline towards $77.24.
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The expected trading range for today is between $78.00 support and $81.00 resistance.
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Trend Forecast: Bullish
