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Crude Oil Price Analysis: Bullish Momentum Anticipated

by Daisy

Crude oil prices are poised to resume their bullish rally, aiming for an initial target of $81.50. The prices are moving within a bullish channel, suggesting potential for further gains. The key targets beyond $81.50 are $82.25 and $83.90.

Supporting Factors

EMA50 Support: The Exponential Moving Average (EMA50) is providing robust support from below, bolstering the bullish trend expectations.

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Price Stability: Maintaining price stability above $79.55 is crucial for sustaining the bullish outlook.

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Expected Trading Range for Today

Support Level: $80.00

Resistance Level: $82.90

Trend Forecast

Overall Trend: Bullish

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