Crude oil prices have reached our anticipated target of $75.50, finding strong support at this level. The price has since begun a bullish rebound, with expectations of further gains in the near term, targeting a test of $77.24.
For today, a bullish outlook is advised. It is crucial to monitor the price’s behavior around this level. If the price breaks above $77.24, it could extend gains to $78.66. Conversely, if the price fails to maintain above this level and consolidates below it, a decline towards $75.50 may occur.
A break below $75.50 would end the current bullish phase, potentially leading to further declines with a new target of $74.00.
Today’s expected trading range is between $75.00 support and $77.80 resistance.
Trend Forecast: Bullish
