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Crude Oil Prices Test Key Support, Eyeing Upside Potential

by Jennifer

Crude oil prices concluded the previous trading session on a negative note, testing the critical support level at 73.73 and making efforts to maintain levels below it. Concurrently, the stochastic indicator has entered the oversold territory, signaling a potential upward momentum that traders are eagerly awaiting. This momentum, if realized, is anticipated to propel the price to resume positive movements, targeting 75.90 and subsequently 77.86 as the next significant levels.

In light of these developments, the bullish trend scenario remains a favorable proposition for the intraday outlook. It is crucial, however, to monitor the support level at 73.73 closely, as a breach could nullify the anticipated upward movement and redirect the price back into a bearish trajectory.

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For the current trading session, the expected range is foreseen to fluctuate between the support level at 72.50 and the resistance level at 75.50.

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In summary, the prevailing trend for today leans towards a bullish sentiment, contingent upon the critical support level holding firm and paving the way for potential upward movements in crude oil prices.

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