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Crude oil prices surged in recent intraday trading, buoyed by a firm support level at $57.40. This stability helped the commodity gain some positive momentum, attempting to recover from previous losses and alleviate its oversold conditions, particularly as signals of a potential rebound began to emerge.
Despite the uptick, the broader market remains dominated by a bearish trend. Crude oil continues to trade below its 50-day exponential moving average (EMA50), maintaining pressure on prices and reinforcing the prevailing negative sentiment in the market.
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