The current scenario in the crude oil market depicts a settling of prices above the Exponential Moving Average 50 (EMA50), a critical support level established at 71.35. This consolidation serves to sustain the active bullish trend, with the primary objective set at testing 73.73.
It is imperative to recognize that these specified levels are pivotal indicators for the forthcoming trend. A successful breach of the aforementioned target at 73.73 signifies the potential for additional gains, with the next major station projected at 75.85. Conversely, a break below the 71.35 support level could impede the anticipated rise and prompt a return to the primary bearish trend evident within the established bearish channel illustrated on the chart.
In light of the prevailing market conditions, the anticipated trading range for the current day is expected to oscillate between the support level at 70.50 and the resistance level at 73.73. These delineated levels are crucial reference points for traders navigating the crude oil market.
As of the current analysis, the overall trend for today remains bullish, contingent upon the sustained support at 71.35. Traders are advised to remain vigilant, closely monitoring market developments and staying attuned to potential shifts in sentiment, especially with regard to the crucial support and resistance levels outlined above.
