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Crude Oil Prices Poised for Further Gains

by Daisy

Positive Momentum Continues

In recent trading sessions, crude oil prices have shown positive movement, breaking through the $77.64 level and nearing the $79.60 mark. This upward trajectory suggests the potential for further increases, with prices possibly reaching up to $81.50 after surpassing the current resistance.

Bullish Outlook

The outlook for crude oil remains bullish, bolstered by the support of the 50-day Exponential Moving Average (EMA50). However, if prices consolidate near the $79.60 level, there is a risk of a bearish rebound, potentially driving prices back down to the $77.64 level.

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Expected Trading Range

Traders can expect the price of crude oil to fluctuate between a support level of $78.00 and a resistance level of $81.00 in the near term.

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Trend Forecast: Bullish

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