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Crude oil price begins positively – Forecast today - 07-11-2024
Crude oil price opens today with new positivity to breach 72.15$ and close the last four hours’ candlestick above it, which supports the expectations of continuing the bullish trend in the upcoming sessions, waiting to visit 73.71$ as a next positive target, which breaching it represents the key to rally to achieve additional gains that reach 74.50$ followed by 75.65$.
The EMA50 supports the price from below to reinforce the expectations of continuing the rise, noting that failing to consolidate above 72.15$ will put the price under negative pressure to head towards testing 70.58$ areas before any new attempt to rise.
The expected trading range for today is between 71.10$ support and 74.10$ resistance
Trend forecast: Bullish
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