The price of crude oil has surpassed the $73.90 mark, signaling a potential recovery on an intraday basis. This breach sets the stage for an upward movement toward the immediate target of $75.25. Should the price break through this level, it is likely to extend the bullish trend, aiming for the next significant target at $77.64.
Forecast and Strategy
We anticipate further price increases in the coming sessions. However, it’s important to note that a decline below $73.85 would halt the bullish momentum and likely prompt a return to the primary bearish trend.
Expected Trading Range
Support: $73.40
Resistance: $76.40
Trend Forecast: Bullish