Crude oil prices have successfully reached the anticipated target of $75.50, finding robust support at this level. Following this, the market has exhibited a bullish trend, suggesting potential gains in the upcoming sessions with a key target of $77.24.
Today’s trading outlook favors a bullish bias. However, it’s crucial to monitor the price action as it approaches the $77.24 level. A breach of this resistance could propel the price towards further gains, potentially reaching $78.66. Conversely, if the price consolidates below $77.24, a decline back to the $75.50 support level is likely.
It’s important to note that a break below $75.50 would signal the end of the current bullish momentum. In such a scenario, the price could resume its downward trajectory, with a target of $74.00.
For today, the expected trading range is between $75.00 support and $77.80 resistance.
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