Crude oil prices are consolidating above the crucial $77.64 support line, indicating a potential continuation of the bullish trend in both the intraday and short-term perspectives. The price is currently moving within a bullish channel, reinforcing expectations for an upward trajectory towards the next main target of $79.55. Breaching this level could propel prices further, with gains potentially reaching $81.50.
The 50-day Exponential Moving Average (EMA50) aligns with the $77.64 support line, adding strength to this level and bolstering the positive outlook. This bullish scenario remains valid as long as the price does not close below the $77.64 support on a daily basis.
Expected Trading Range
Support: $77.00
Resistance: $80.00
Trend Forecast: Bullish