The price of crude oil has successfully established itself above the EMA50, reinforcing our stance on the continuation of a bullish trend with a primary target at the crucial resistance level of 73.73. Market analysts are keenly observing for further upward movements in the forthcoming sessions.
Critical to the persistence of this upward trajectory is the imperative condition of maintaining levels above 71.35. A robust adherence to this level is seen as instrumental in sustaining the suggested bullish trend. Conversely, a breach of this level would signal a return to the primary bearish trend, with the potential to trigger a descent towards negative targets, initiating at 69.15 and extending to 67.04.
For today’s trading, the projected range is expected to oscillate between a support level at 70.50 and a resistance level at 73.73. The prevailing sentiment for the day is notably bullish, mirroring the successful breach above the EMA50.
Traders and investors are advised to closely monitor the critical support and resistance levels, recognizing their significance in navigating the evolving landscape of crude oil prices, as the market remains poised for further developments.
