Crude oil has shown strong upside momentum in its recent intraday trading, after successfully retesting the key support level at $61.50. This formed a new bullish bottom, creating a solid base for further upward movement. The positive performance is supported by reinforcing signals from the Relative Strength Index (RSI) and continued buying pressure due to trading above the 50-period Exponential Moving Average (EMA50).
Additionally, the impact of the previously formed inverted head and shoulders pattern on the short-term chart further strengthens the technical outlook, reinforcing the possibility of further gains.
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