Crude oil prices experienced a significant drop last Friday, closing below the $70.58 mark. However, the market opened today with a bullish gap, indicating a potential recovery as prices settle above this critical level once again. This movement suggests a renewed opportunity for the anticipated bullish trend on an intraday basis, with a target of $72.15 as the next key level.
As the day progresses, a bullish bias is expected. However, if prices fail to maintain consolidation above $70.58, the upward trend may be halted, leading to a potential decline towards the $68.65 region in the near term.
Today’s trading range is projected to be between a support level of $69.40 and a resistance level of $72.40.
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