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Crude oil prices have successfully surpassed the $78.35 mark, closing the daily candlestick above this level and reinforcing the bullish trend. This breakout sets the stage for potential additional gains, with the immediate target being a test of $78.35, followed by a possible rise to $79.84 in the near term.
Support from the EMA50 indicates that as long as prices hold above $78.35, the bullish momentum will continue. However, a drop below this level could halt the upward trend and lead to a decline towards the $75.00 region.
Today’s anticipated trading range is between $76.00 as support and $79.00 as resistance.
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