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Crude oil prices have tested and held above the crucial $78.35 support level, initiating positive trading momentum. As of today’s open, the market is showing signs of a potential continuation in its bullish trend, with an initial target of $79.84. A breakthrough at this level could propel prices towards $80.70. The 50-day exponential moving average (EMA50) reinforces the anticipated upward trajectory. However, a decline below $78.35 may shift market sentiment, with potential support targets around $76.86.
Today’s trading range is projected to be between $77.50 and $80.50.
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