Crude oil prices extended gains last Friday, climbing to $71.55. However, the market is now encountering bearish pressure, with prices gravitating toward a critical support level at $70.58. Holding above this level is essential to maintain the bullish momentum in the near term, with the next upside target positioned at $72.15.
A successful breakout above $72.15 could pave the way for further gains, potentially reaching $73.70. Conversely, a breach of the $70.58 support would signal the end of the bullish trend, initiating a downward trajectory with immediate targets at $69.70 and $68.65.
For today, the expected trading range lies between a support level of $69.70 and resistance at $72.70, reflecting the market’s cautious stance amid ongoing volatility.
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