Crude oil prices have successfully reached the first target of $72.15, marking a significant milestone in the ongoing bullish trend. As of today, the price has shown continued upward momentum, surpassing this level, signaling a strong likelihood that the bullish trajectory will persist in the coming sessions.
The next key target for crude oil is $73.70, which now stands as the primary focus for market participants. If the upward momentum continues, this level will be the next point of resistance for the commodity.
However, the bullish outlook remains contingent on the price maintaining its position above $72.15. Should the market fail to hold this level, a potential reversal could occur, with the price dropping towards $70.58 before any further attempts to climb.
For today, the expected trading range is between a support level at $71.00 and a resistance at $74.00.
Trend Forecast: Bullish
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