The price of crude oil has undergone testing at the $73.73 level and sustained its consolidation above this mark. The ongoing trajectory remains within the confines of a bullish channel, prominently visible on the chart. Notably, the support from the EMA50 persists, reinforcing the positive outlook.
Given these favorable factors, the prevailing suggestion is to adhere to the bullish trend in the upcoming period. It is crucial to keep in mind that the primary target lies at $77.86. However, the scenario of a decline would materialize if the price experiences a break below $73.73, followed by breaching the $73.05 levels.
The envisaged trading range for the day is anticipated between the support level of $73.00 and the resistance level of $76.00.
Anticipated Trend for Today: Bullish
