Crude oil prices are actively attempting to breach the significant level of 77.86 but are encountering sturdy resistance at this point. The market is currently awaiting positive momentum to facilitate a successful breach, paving the way for a rally towards 79.60, followed by 81.20, which stands as the subsequent positive targets.
The EMA50 (Exponential Moving Average) is acting as a supportive factor for the price, reinforcing the bullish trend’s potential for the upcoming period. This bullish outlook is contingent on the price maintaining stability above 77.25. A breach of this level would introduce a negative factor, potentially triggering a decline towards 75.85 initially.
For today’s trading, the projected range lies between the support level of 76.50 and the resistance level of 79.50.
The prevailing trend for today leans towards a bullish trajectory, with a keen eye on price stability and potential breakthroughs in resistance levels. Traders are advised to closely monitor market developments for timely decision-making.
