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Crude Oil Price Analysis: Bullish Trend Expected

by Daisy

The price of crude oil has surpassed the $73.90 mark, signaling a potential recovery on an intraday basis. This breach sets the stage for an upward movement toward the immediate target of $75.25. Should the price break through this level, it is likely to extend the bullish trend, aiming for the next significant target at $77.64.

Forecast and Strategy

We anticipate further price increases in the coming sessions. However, it’s important to note that a decline below $73.85 would halt the bullish momentum and likely prompt a return to the primary bearish trend.

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Expected Trading Range

Support: $73.40

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Resistance: $76.40

Trend Forecast: Bullish

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