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Crude oil prices have found solid support at the $70.44 level, rebounding positively to currently test $71.95. This movement maintains the bullish momentum established by an inverted head and shoulders pattern, suggesting that the correctional bullish trend will continue on an intraday basis. A successful breach of the $71.95 level could set the stage for a further rise toward the next target of $73.48.
Looking ahead, additional gains are expected in the coming sessions. However, it’s crucial to note that a drop below $70.44 would negate the bullish outlook, potentially driving prices back into a bearish trend.
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Today’s anticipated trading range is between $70.60 for support and $73.60 for resistance.
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Trend Forecast: Bullish
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