Crude oil prices encountered robust resistance at 73.73 and struggled to breach this level, resulting in a minor bearish inclination at the start of today’s trading session. This bearish sentiment is influenced by stochastic negativity, signaling a potential decline in the upcoming sessions. However, the presence of strong intraday support from the EMA50 adds a contradictory element to the technical factors, necessitating a neutral stance until the price provides a clearer direction.
It is crucial to monitor the price’s behavior for confirmation of its next destination. A continuation of the decline and a breach of the 72.40 level could prompt the resumption of the main bearish trajectory, targeting the 70.00 areas initially. Conversely, a breach of the resistance at 73.73 may set the stage for a bullish wave, aiming for the first positive station at 75.90.
The projected trading range for today is expected to fluctuate between the support level at 71.00 and the resistance level at 74.50.
In summary, the current trend for today leans towards neutrality, highlighting the importance of price confirmation to determine its definitive trajectory.
