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Crude oil prices have encountered strong resistance at the initial target of $78.35, exhibiting a slight bearish bias. The price may test the bullish trend line before potentially rising again. A breach of this resistance level would open the path towards the next target of $79.84.
Support from the 50-day Exponential Moving Average (EMA50) reinforces expectations for a potential price increase. To maintain the bullish trend, prices must remain above $76.86.
Today’s anticipated trading range is between $76.50 and $79.50.
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