Crude oil prices closed positively yesterday, successfully breaching the $68.65 mark. This upward movement suggests a potential rise in prices on an intraday basis, with an initial target set at $70.58.
It is crucial to monitor the price around this level, as it will play a significant role in determining the subsequent trend. If prices surpass this threshold, further gains could extend to $72.15. Conversely, if prices consolidate below $70.58, a return to a bearish trajectory may ensue.
Additionally, it is important to note that falling below $68.65 would halt the anticipated bullish wave and could trigger another decline in prices.
For today, the expected trading range is projected between a support level of $68.00 and a resistance level of $71.00.
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