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Crude oil prices have confirmed a breakout above the $75.00 level, showing significant gains as they approach $76.86. The outlook remains bullish, with expectations that a breach of this level will pave the way for further gains, potentially reaching $78.35 in the near term.
The bullish trend is supported by the price being above the 50-day Exponential Moving Average (EMA). However, a fall below $75.00 could shift the momentum to the downside, with the potential to test lower levels starting at $73.70.
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Today’s anticipated trading range for crude oil is between $75.00 on the support side and $78.00 on the resistance side.
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Trend Forecast: Bullish
