Crude oil prices surged significantly yesterday, propelled by the completion of a bullish pennant pattern that surpassed the initial target of $79.55 and closed above it. This development underscores expectations of a sustained bullish trend in forthcoming sessions, with the next target set at $81.50.
The bullish sentiment is further supported by the EMA50, which continues to provide upward momentum on both intraday and short-term perspectives. However, a break below $79.55 could signal a reversal, potentially leading to a bearish turn in prices.
Projected Trading Range
Today’s anticipated trading range is expected to fluctuate between support at $78.80 and resistance at $81.70.
Trend Outlook: Bullish
This analysis forecasts a continued bullish trend in crude oil prices, backed by technical indicators and recent market behavior.