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Crude Oil Sustains Positive Momentum, Aiming for Higher Levels

by Jennifer

In the latest market movements, the price of crude oil exhibited resilience by maintaining a positive stance despite testing the critical level of 73.73. Although there was an initial attempt to breach this level, the commodity has resumed trading above it today, displaying evident positivity and signaling a potential departure from this threshold. This resurgence reinforces the anticipated intraday bullish trend, with the primary targets set at 75.90, followed by 77.86.

The prevailing market sentiment supports the continuation of the bullish scenario, further strengthened by the support provided by the EMA50. It is emphasized that a key factor in sustaining the expected upward trajectory is the necessity for crude oil prices to remain above the crucial level of 73.73.

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Guiding traders through the current market conditions, the projected trading range for today fluctuates between the support level of 73.20 and the resistance level of 76.20.

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Today’s market trend is anticipated to be bullish, reflecting the positive momentum and signaling a potential ascent beyond the current levels. Traders are advised to monitor the crucial support level of 73.73 for confirmation of the ongoing upward movement.

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