The price of crude oil has recently tested the 70.50 level, demonstrating resilience by maintaining stability above it. This has allowed the resumption of positive trades, with the current settling around the 71.50 level. The prevailing bullish outlook remains intact, with an envisioned target set at 73.73.
The path to the mentioned target could be facilitated with a breach of the 72.40 level, further easing the upward trajectory. Conversely, a break below the 70.50 level would impede the anticipated rise, potentially prompting a return to the primary bearish trend.
As of today, the projected trading range spans from the support level at 70.40 to the resistance level at 73.30.
The overall trend for today leans towards a bullish perspective, contingent on market dynamics. Traders are advised to remain attentive to key levels, especially the 70.50 mark, as it holds significance in determining the market sentiment.
