WTI Crude Oil (USOIL) prices surged on Monday, trading at $78.44, up 0.76%. The technical outlook remains bullish above the pivot point of $78.26, with immediate resistance at $79.10 and further upside potential towards $79.84 and $80.58.
The 50-day EMA currently sits at $77.90, above the 200-day EMA of $77.37, reinforcing the bullish momentum. However, a break below $78.26 could trigger a sharp reversal, potentially leading to a decline towards $77.69 and further down to $77.20 and $76.41.