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Crude Oil Price Analysis Points to Bullish Trend

by Daisy

The price of crude oil has sustained its upward trajectory, surpassing the $79.60 mark and conclusively closing above it on the daily candlestick.

This breakout signifies an escape from the preceding sideways movement, hinting at further potential gains in the upcoming trading sessions. Analysts anticipate a favorable outlook with the next significant target poised at the $81.50 mark.

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Intraday trading is anticipated to benefit from additional positive momentum, buoyed by the support of the EMA50 indicator.

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However, a breach below the $79.60 threshold would signify a pause in the bullish trend, potentially marking a reversal towards a corrective bearish trajectory.

Expected Trading Range:

Support: $78.90

Resistance: $81.50

Trend Forecast: Bullish

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