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Crude oil prices have successfully reached our anticipated target of $71.95 and are now attempting to breach this level. This reinforces expectations for an extension of the bullish correction, potentially driving prices up to $73.48. The positive influence of the inverted head and shoulders pattern remains significant.
To sustain the bullish trend, it is crucial for the price to remain above $70.44. A drop below this level could halt the current bullish correction and shift the price back towards a bearish trajectory.
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Today’s expected trading range is between a support level of $69.50 and a resistance level of $72.50.
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Trend Forecast: Bullish
