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Crude oil prices have climbed to test the $76.00 level, marking a bullish correction from the recent decline that began near $84.67. Analysis of the chart reveals the formation of a double top pattern, which supports the potential for further positive movement. The initial targets for this bullish trend are projected at $76.86, with a possible extension to $78.35.
Looking ahead, we anticipate continued upward movement in the coming sessions. However, a decline below the $75.00 threshold would negate the current bullish trend and likely lead to a resumption of the primary bearish trajectory.
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Today’s expected trading range is between $74.60 for support and $77.70 for resistance.
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Trend Forecast: Bullish
