On February 8, 2024, the price of crude oil has initiated the day on a positive note by surpassing the level of 73.73 and making efforts to sustain its position above this threshold. This breakthrough signals the commencement of a new bullish wave, with anticipated gains targeting levels starting at 75.40 and extending to 77.86 in the near term.
Consequently, a bullish bias is suggested for today, contingent upon the price maintaining a position above 73.73 to ensure the realization of the projected targets. However, a breach below this level, if sustained, could exert negative pressure on the price, potentially leading it towards revisiting 71.40 areas initially.
The expected trading range for the day is anticipated to fluctuate between the support level of 73.00 and the resistance level of 76.00.
Projected Trend for Today: Bullish
