Crude oil prices experienced a significant increase yesterday, reaching a target of $70.58. The daily candlestick closed above this level, signaling potential further gains in the short term, with a new target set at approximately $72.15.
Market analysts continue to forecast a bullish trend for the foreseeable future, bolstered by prices consistently remaining above the 50-day Exponential Moving Average (EMA). However, it is important to note that if prices fail to maintain their position above $70.58, this could halt the upward momentum and subject prices to renewed downward pressure.
For today, the anticipated trading range is expected to be between a support level of $69.50 and a resistance level of $72.50.
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