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Crude oil prices have recently rebounded after leaning on the 50% Fibonacci correction level, measuring the rise from $65.51 to $78.78. This rebound indicates a potential resumption of the primary bullish trend, with target gains beginning at $75.65 and extending to $77.00 as the next key resistance levels.
The bullish sentiment is bolstered by the price remaining above the 50-day Exponential Moving Average (EMA50). However, a break below the $73.70 mark could negate this upward momentum, leading to further bearish corrections in the intraday trading.
For today, the expected trading range is anticipated to fall between a support level of $73.00 and a resistance level of $76.00.
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