Crude oil prices have found stability in the vicinity of the EMA50 following a recent upswing during yesterday’s evening session. The current scenario presents a conundrum, as conflicting technical factors emerge, prompting a cautious stance until a clearer signal for the next trend materializes. This uncertainty hinges on the potential breach of the resistance level at 73.73 or the breakdown of the support at 71.50.
It is crucial to note that a successful breach of the resistance would propel the price to construct a fresh bullish wave, targeting 75.90 and subsequently 77.86 as primary positive milestones. Conversely, a breach of the support level is pivotal for the resumption of the primary bearish wave, guiding the price towards testing the 70.00 level initially.
The expected trading range for today oscillates between 70.50 support and 74.00 resistance, encapsulating the current market dynamics.
Today’s anticipated trend leans towards neutrality, reflecting the ongoing technical ambiguity in the crude oil market. Traders are advised to exercise prudence and await a clearer indication of market direction before making significant moves.
