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Crude Oil Prices Approach Key Support Amidst RSI Concerns

by Daisy

Crude oil prices are seeing continued declines, approaching the crucial support level of $77.64. The negative trend is exacerbated by RSI (Relative Strength Index) indicators, which underscore potential further downside. To maintain a positive outlook, prices must consolidate above this support, thereby affirming the bullish scenario with initial targets at $79.55 and extending to $81.50 upon breaching previous highs.

The EMA50 (Exponential Moving Average) remains a steadfast pillar of support, bolstering prospects for the anticipated uptrend. However, a breach of $77.64 would mark a pivotal shift, halting bullish momentum and initiating a bearish phase. Downside targets in such a scenario include $76.70 and $75.25.

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Projected Trading Range and Outlook

Today’s anticipated trading range spans between a support level of $77.00 and a resistance level of $80.00. The prevailing trend forecast suggests a bullish trajectory, contingent upon maintaining support above key levels.

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