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Crude oil prices are currently stabilizing around $70.44, with market analysts maintaining a bullish outlook for the near term. The stability above this key level is crucial, as it supports a correctional bullish scenario following the completion of an inverted head and shoulders pattern. Traders are anticipating a potential rise to $71.95, followed by $73.48 as the next targets.
The intraday trend remains positive, bolstered by the support of the EMA50, which is helping to carry prices upward. Maintaining a position above $70.44 is essential for reaching these anticipated targets.
Today’s expected trading range is projected between a support level of $69.50 and a resistance level of $72.50.
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