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Crude oil prices have stabilized around $70.44, recently bouncing to test the $71.95 level. This movement maintains the positive implications of the inverted head and shoulders pattern, supporting a continuation of the intraday bullish trend. A breach of the $71.95 level could lead to a further rise towards the next target of $73.48. However, it is crucial to note that a drop below $70.44 would reverse the bullish trend and shift prices back into a bearish trajectory.
Today’s expected trading range is set between a support level of $70.60 and a resistance level of $73.60.
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