Oil starts positively 30/12/2024

US crude oil futures regained upward momentum, starting the day positively and reaching an intraday high of $70.70 per barrel during early trading.

Technical Analysis:

• Positive signals from the 14-day momentum indicator, coupled with support from the simple moving averages, favor continued upward movement.
• With intraday stability above $70.00, and particularly above $69.75, the bullish trend is expected to persist. The initial target stands at $71.00, with a break above this level likely accelerating gains toward $71.50 and potentially $72.20.

Alternative Scenario:

• A return to stable trading below $69.75 would invalidate the upward bias, shifting focus to downside targets around $68.50.

Warning:
High geopolitical risks persist, elevating the potential for sharp price fluctuations. All scenarios remain on the table.

Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. This market’s risk level remains high, particularly due to ongoing geopolitical tensions, which could result in heightened price fluctuations.

S1: 69.75	R1: 71.00
S2: 68.95	R2: 71.50
S3: 68.45	R3: 72.25