Crude oil prices commenced today’s trading session with a bearish gap, dropping below the $75.65 level. However, the 50-period Exponential Moving Average (EMA50) is providing significant support, which could facilitate a recovery and enable prices to rise above this threshold once again. This suggests a bullish outlook for the upcoming sessions, with primary targets projected to reach $77.00, followed by $78.78.
To maintain this bullish momentum, prices must remain above the critical level of $73.70. A breach below this point would shift the intraday trend to a bearish stance, potentially leading to a test of the key support level at $72.15.
Today’s expected trading range is set between a support level of $73.60 and a resistance level of $76.60.
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