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Crude oil prices opened today’s trading session with a bearish gap, falling below the $75.65 mark. However, the 50-day exponential moving average (EMA50) is providing significant support, which may enable the price to recover and trade above this level once again. This suggests a bullish bias for the upcoming sessions, with key targets set at $77.00 and $78.78.
For the bullish trend to remain intact, it is crucial for prices to stay above $73.70. A breach below this level could shift the intraday trend toward a decline, with critical support initially testing the $72.15 mark.
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Today’s expected trading range is between a support level of $73.60 and a resistance level of $76.60.
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Trend Forecast: Bullish
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