Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures prices continue their impressive rally, reaching a 7-week high of $81.86 per barrel, surpassing our previously identified target of 81.60.
Technical Outlook:
The technical outlook remains strongly bullish. The price has established a solid support base around 79.60 and is holding above the psychologically important 80.00 level. The 4-hour chart reveals that the simple moving averages (SMAs) are providing continuous positive support, and the Relative Strength Index (RSI) is also generating positive signals.
Upward Potential:
With the current bullish momentum and strong support, we anticipate further upward movement today. Our revised target is 82.20, and a break above this level could open the door for a rally towards 82.80 and even 83.40.
Downside Risks:
However, traders should remain vigilant as a drop below 80.60 could trigger a temporary correction and a retest of the 79.60 level before the uptrend resumes.
Key Levels:
- Support: 80.60, 79.60
- Resistance: 82.20, 82.80, 83.40
Important Note:
The release of the U.S. Consumer Confidence Index today could induce significant price volatility. Traders should exercise caution and closely monitor the market’s reaction to this high-impact economic data.
Disclaimer: Trading in CFDs carries inherent risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for WTI crude oil.
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