Crude oil prices are currently experiencing a transient period of negative pressure, testing the crucial support level at 73.73. The EMA50 intersects with this level, providing additional reinforcement, and stochastic indicators indicate a clear oversold condition.
Given these factors, our analysis suggests a potential resumption of the bullish trend in the upcoming sessions. The target for this upward movement is set at 77.86, representing a significant level to watch. It is important to note that a breach of the support at 73.73 could negate this bullish outlook, leading to a renewed decline in prices.
The anticipated trading range for today is expected to oscillate between the support level of 72.70 and the resistance level of 75.70.
In summary, the current market conditions suggest a temporary dip in crude oil prices, with the potential for a bullish rebound in the near term.
