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Crude oil prices are currently testing the critical support level at $78.35, with prices maintaining consolidation above this mark. The market has shown signs of positive movement as of today’s opening, suggesting a potential resumption of the main bullish trend. Initial resistance is seen at $79.84, and a break above this level could lead to further gains, targeting $80.70.
Support for this bullish trend is provided by the 50-day exponential moving average (EMA50). Conversely, a drop below $78.35 would introduce new downward pressure, with potential targets initially at $76.86.
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Today’s anticipated trading range is between $77.50 for support and $80.50 for resistance.
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Trend Forecast: Bullish
