Crude oil prices concluded last Friday on a negative note, breaking below the $70.58 mark and closing the daily candlestick beneath this level. However, today’s trading opens with a bullish gap, allowing prices to settle back above the critical $70.58 threshold. This resurgence offers a renewed opportunity to continue the anticipated bullish trend on an intraday basis, with the next primary target set at $72.15.
Consequently, a bullish bias is expected for today’s trading session. However, it is crucial to note that failure to maintain a consolidation above $70.58 could halt the bullish trend and lead prices to retreat towards the $68.65 region in the near term.
The projected trading range for today is set between a support level of $69.40 and a resistance level of $72.40.
Trend Forecast: Bullish
