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Crude oil prices have successfully breached the $75.65 level, closing yesterday above this mark. This development reinforces expectations for a continuation of the bullish trend, paving the way for further positive targets at $77.00 and subsequently at $78.78.
Consequently, we maintain a bullish outlook for the near term, bolstered by the support of the 50-day Exponential Moving Average (EMA), which is propelling the price from below. However, if prices fall below $75.65, it could halt the bullish momentum and trigger a decline.
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The anticipated trading range for today is set between a support level of $74.60 and a resistance level of $77.60.
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Trend Forecast: Bullish
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