Closing on a positive note at 73.73, crude oil prices are showcasing signs of a potential recovery, traversing within the confines of an intraday bullish channel supported by the EMA50. However, caution is warranted as the stochastic indicator presents negative signals, introducing an element of uncertainty and suggesting a potential resumption of the previously indicated bearish scenario.
Given the conflicting technical signals, a neutral stance is advocated until a clearer indication of the next trend emerges. Confirmation of breaching the 73.73 resistance level could propel prices upward, targeting gains at 75.20 and potentially extending to 77.86. Conversely, a breach of the 72.50 support level would activate the bearish flag pattern, directing prices towards 70.00, followed by 67.04 in the near term.
For today’s trading, the expected range is between the support at 72.00 and the resistance at 75.20.
In summary, the prevailing trend for today is deemed neutral, with a watchful eye on key levels for potential clarification on the market’s direction. Traders are advised to exercise caution and await a more definitive signal before taking substantial positions.
