Oil price is trading positively, breaching the 72.90 level after failing to hold below the 70.82 level, and now it is trying to consolidate above the 73.88 level, providing signs of activating the positive scenario for the rest of the day, on its way to visiting the 75.06 levels, then 76.77, and 78.00 as the next main stations.
Therefore, an upward bias will be expected during the coming sessions with support from the 50 moving average that carries the price from below, keeping in mind that breaking the levels of 73.88 and then 72.90 will stop the expected rise and put pressure on the price to turn lower.
The expected trading range for today is between support 72.90 and resistance 78.00 until stabilized .
support line : 73.88 , 72.90 resistance line : 75.06 , 76.77
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