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Crude oil prices surged yesterday, successfully reaching our anticipated target of $70.58. The daily candlestick closed above this level, setting the stage for further intraday gains, with the next target identified at $72.15.
We maintain a bullish outlook for the near future, supported by the price’s position above the 50-day Exponential Moving Average (EMA50). However, it’s important to note that a failure to hold above $70.58 could trigger a shift in momentum, leading to renewed downward pressure on prices.
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Today’s expected trading range for crude oil is between a support level of $69.50 and a resistance level of $72.50.
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Trend Forecast: Bullish
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