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Crude oil prices are currently testing the critical support line at $70.44, prompting cautious trading in the market. For the bullish trend to remain intact, prices must consolidate above this level. A successful hold above $70.44 could target the next resistance level at $71.95. However, a confirmed break below this support could lead to increased negative pressure, potentially initiating a bearish wave with a primary target of $68.55.
Traders should anticipate an expected trading range today between the support level of $69.50 and the resistance level of $72.50.
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