Crude oil prices continue to hover near the $72.15 mark, encountering strong resistance at this level. Market participants are awaiting a positive catalyst that could push prices above this threshold and potentially target the next significant resistance at $73.70.
The 50-day Exponential Moving Average (EMA50) remains a key supportive factor, helping sustain the bullish trend in the short term. However, this positive momentum is contingent on prices remaining above the critical support level of $70.58. A sustained drop below this level could signal a shift in the market outlook.
For today, the expected trading range for crude oil is between a support level at $70.50 and a resistance level at $73.50.
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