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The price of crude oil continued its upward trajectory, nearing the $76 mark, as it initiates a bullish correction from recent lows around $84.67. A detailed analysis of the chart reveals the formation of a double top pattern, bolstering expectations for further gains with initial targets set between $76.86 and $78.35.
Market analysts anticipate continued upward movement in the coming sessions. However, the bullish trend could be halted if the price drops below $75, potentially leading to a resumption of the broader bearish trend.
Today’s expected trading range spans from $74.60 support to $77.70 resistance.
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