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Crude Oil Prices Hit Initial Target, Face Temporary Bearish Pressure

by Jennifer

Crude oil prices have successfully reached the initial anticipated target of 75.90, encountering robust resistance at this level. The market has exhibited a temporary bearish bias influenced by stochastic indicators showing negativity. However, the overall outlook anticipates a shift to positive momentum, facilitating a resurgence of the bullish trend. The subsequent primary target stands at 77.86.

The continuous positive support from the EMA50 strengthens the expectations for the sustained bullish trend. The validity of this bullish scenario is contingent on the price maintaining stability above the support level at 73.73.

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For today’s trading, the expected range spans from support at 74.00 to resistance at 77.00.

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The prevailing trend for today is expected to be bullish, underlining the positive sentiment surrounding crude oil prices.

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