The price of crude oil has successfully secured a position above the pivotal 73.73 level, affirming a breach that signals a resumption of the bullish wave within the established upward channel on the chart. Having reached the initial positive target at 75.20, the momentum suggests an extension of the bullish wave towards the next station at 77.86.
Anticipated to be supported by the EMA50, which is providing underlying strength from below, further upward movement is expected in the upcoming sessions. It is essential to underscore that the sustainability of the bullish trend hinges on the price holding above the key levels of 77.86 and 76.85.
Today’s projected trading range is expected to fluctuate between the support level at 73.50 and the resistance at 76.50. These levels serve as crucial benchmarks for traders, providing insights into potential price movements.
In summary, the prevailing trend for today is bullish, supported by the confirmed breakout above 73.73 and the expected continuation of the bullish wave, contingent on maintaining positions above critical support and resistance levels.
