Crude oil prices experienced a significant rally yesterday, reaching a high of $76.86, which indicated a potential return to a bullish trend. However, the daily candlestick closed below this resistance level, suggesting the possibility of a decline and creating uncertainty in the market.
Technical indicators are currently mixed, leading analysts to recommend a cautious approach until clearer signals emerge regarding the next trend.
If the price breaks through and maintains a position above $76.86, it could continue to rise, with a potential target of $78.35. Conversely, a drop below the $75.00 support line would likely trigger a decline, potentially driving prices down to initial targets of $73.90 and possibly as low as $73.00.
Today’s anticipated trading range is between the support level of $74.90 and the resistance level of $78.50.
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