The price of crude oil has continued its upward rally, re-entering the bullish channel depicted on the chart. This development strengthens expectations for the continuation of the bullish trend in both the intraday and short-term scenarios. The next key target is set at 77.86.
The support of the EMA50 further bolsters the anticipated bullish wave. While the price may experience temporary sideways fluctuations, the overall expectation is for positive momentum to resume the upward trajectory. It’s crucial to note that a break below 75.90 could disrupt this positive scenario, leading to potential bearish correction before any new bullish attempts.
The anticipated trading range for today is between the support level at 75.00 and the resistance level at 78.00.
In summary, crude oil prices have returned to the bullish channel, and traders are advised to monitor key support and resistance levels for potential trading opportunities.
