In a notable development, the price of crude oil has solidified its position, finding robust support at the previously breached resistance level within the bearish channel depicted on the chart. The commencement of positive trades at today’s open indicates a shift towards gains, with the initial target set at testing 73.73. It is imperative to highlight that surpassing this level would propel the bullish wave further, reaching the subsequent primary target at 75.95.
Consequently, a prevailing bullish bias is anticipated for the current session. However, it is crucial to monitor the price closely, as any breach of the 71.00 level may interrupt the expected ascent, potentially prompting a return to the overarching bearish trajectory.
Analysts suggest a trading range for the day, fluctuating between the support level at 71.30 and the resistance level at 74.40. This range provides a framework for potential price movements in the short term.
In summary, today’s trend leans towards the bullish side for crude oil, supported by the establishment of robust backing at the breached resistance. Market participants will remain vigilant for any deviation, especially a break below 71.00, which could alter the current positive outlook and reinstate the dominant bearish sentiment.
