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Crude oil prices are experiencing a slight bearish trend, impacted by resistance at the $78.35 level and negative readings from the Relative Strength Index (RSI). However, there is potential for positive momentum to develop, which could enable the price to break through this resistance and aim for the next target at $79.84.
The bullish outlook remains in place for the near term, provided the price stays above the $76.86 level. A breach of this support would invalidate the current positive forecast and shift the trend towards a decline.
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Today’s expected trading range is between $76.60 for support and $79.70 for resistance.
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Trend Forecast: Bullish
