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Crude oil prices are currently hovering near the anticipated target of $76.86. A breach of this level could pave the way for further gains, potentially reaching $78.35. This movement aligns with the double bottom pattern emerging on the chart, suggesting a bullish trend.
In the coming sessions, additional price increases are expected. However, if the $76.86 level holds firm against the current rise, it may lead to a bearish correction, with the price potentially retreating to test the $75.00 level before any further attempts at upward movement.
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Today’s anticipated trading range is between the support level of $75.40 and the resistance level of $78.40.
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Trend Forecast: Bullish
