Crude oil prices concluded the previous session with a positive tone, recovering from recent declines and settling around the Exponential Moving Average (EMA50). The market remains in a state of neutrality, waiting for a clearer signal to determine the next trend. This signal could either be a breach of the resistance at 73.73 or a breakdown below the support at 71.50.
Should the support level at 71.50 be breached, it would likely push the price back into the main bearish trajectory, targeting negative levels starting from 70.00 and extending down to 67.04. On the other hand, breaking above the resistance at 73.73 is crucial for initiating a bullish wave on an intraday basis, with initial targets at 75.85, followed by 77.86.
For today’s trading, the expected range is between the support level at 70.70 and the resistance level at 74.40. The prevailing trend for today is neutral. Traders are advised to stay vigilant and await confirmation signals for a more informed decision on market direction.
