Crude oil prices ended yesterday’s trading session above the critical $78.66 mark, indicating a potential for further gains in the near term. The immediate target is to test the $80.08 level. It is crucial to monitor the price movement as it approaches this level, as it will be a key determinant for the next trend direction. A breach above $80.08 could propel prices towards additional positive targets, with $81.84 being the next major resistance level. Conversely, if prices consolidate below $80.08, they may resume a corrective bearish trend, potentially revisiting the $78.66 support level.
Additionally, a break below $78.66 would halt the anticipated rise and could lead to a decline towards the next negative target at $77.24.
Today’s expected trading range is between the support level of $78.00 and the resistance level of $81.00.
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