Crude Oil Extends Rally, Targets Bearish Channel Resistance

The upward momentum in crude oil prices persisted, successfully surpassing the initial positive target of 75.85 and challenging the resistance of the bearish channel, as depicted on the chart. The ongoing bullish trajectory suggests a potential advance towards the next target at 77.86 in the upcoming sessions.

However, it is crucial to note that technical indicators are signaling negative momentum, potentially posing obstacles to the continued ascent. Traders should be aware that failure to breach the current resistance levels, particularly around 76.60, could impede the positive scenario and trigger a downturn.

The projected trading range for today oscillates between the support at 75.40 and the resistance at 78.40.

Today’s Trend: Bullish