Crude oil prices have found stability above the EMA50 following a robust bullish rally witnessed in the previous session, indicating an attempt to recover and shift towards an upward trajectory. However, it is crucial to note that stochastic indicators are displaying evident negative signals, potentially exerting downward pressure on prices.
Given the conflicting signals from technical factors, a cautious approach is advised, and it may be prudent to remain on the sidelines until clearer signals emerge for the next trend. A breach of the resistance at $73.73 could pave the way for the continuation of the upward momentum, targeting $75.90 and subsequently $77.86 as the next key levels. Conversely, breaking the support at $71.90 is pivotal for a return to the bearish trajectory, with a potential test of the $70.00 barrier in the initial phase.
The anticipated trading range for today is expected to fluctuate between support at $71.00 and resistance at $74.60.
Anticipated Trend for Today: Neutral
