Crude oil prices have confirmed a significant breach of the $75.00 per barrel mark, surging to approach $76.86. Analysts predict that this bullish trend will continue, potentially pushing prices beyond the $76.86 level and aiming for additional gains that could extend to $78.35 in the near term.
The positive outlook for crude oil is supported by the price staying above the 50-period Exponential Moving Average (EMA50). However, should the price fall below the $75.00 level, it could face renewed downward pressure, with potential targets including a drop to the $73.70 range.
For today, the anticipated trading range for crude oil is between $75.00 as the support level and $78.00 as the resistance level.
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