Crude oil prices continued their upward trajectory, surpassing the $78.66 mark and closing above it in recent trading sessions. This move signals a reaffirmation of bullish dominance expected to persist in upcoming sessions, with a target set at $80.08 as the next significant milestone. Analysts highlight that breaching this level could propel prices further towards $81.84 in the short term.
Technical indicators, including moving averages such as the EMA50, support the anticipated upward movement. However, a drop below the $78.66 threshold would nullify this optimistic outlook, potentially triggering a return to a corrective bearish trend.
Today’s expected trading range is forecasted between support at $77.60 and resistance at $80.70, reflecting ongoing volatility amid heightened price movements.
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