In recent trading sessions, crude oil prices have exhibited a notable surge, with clear positivity observed as the market moves beyond the $77.64 threshold and surpasses the minor resistance level of $78.25.
This upward momentum has resulted in the price settling above the aforementioned resistance, thereby activating a positive scenario on an intraday basis. Analysts anticipate this trend to persist, with expectations of further gains in the upcoming sessions.
The immediate target for crude oil is set at $79.55, marking the next significant station for price exploration. Should this level be breached, it is anticipated that the bullish wave will extend, targeting $81.50 as the subsequent main objective.
Market observers are optimistic about the prospects of continued ascent in oil prices for the current trading day. However, it is crucial to note that any downturn resulting in the breach of the $77.64 support level would signal an end to the bullish trend, potentially prompting a reversal towards a decline.
In terms of expected trading range, analysts project a spectrum between $77.20 support and $80.20 resistance, providing key levels to monitor for potential shifts in market sentiment.
Overall, the trend forecast for crude oil remains bullish, underpinned by the positive momentum and anticipated price targets outlined by market analysts.
