Crude oil prices have exhibited a clear upward bounce, prominently supported by the EMA50, establishing a robust foundation against the price. Currently testing the key resistance level at $73.73, the commodity hints at an endeavor to surpass this threshold and initiate an upward trajectory. However, it encounters staunch resistance, reinforced by stochastic negativity, prompting a cautious stance until a clearer signal emerges for the impending trend.
Should the price breach and sustain levels above $73.73, it would affirm the development of a new bullish wave, targeting key levels at $75.90 and $77.86. Conversely, a consolidation below this pivotal point will propel the price to resume its primary bearish trend, directing it towards the initial support at $70.40.
Today’s anticipated trading range spans between support at $72.00 and resistance at $75.30, encapsulating the current neutral outlook.
