Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures surged, gaining over 3.00% and reaching a high of $63.84 per barrel.
Technically, after reaching this level, price action became more volatile, but the broader daily trend remains bullish. The 4-hour chart shows that the simple moving averages continue to provide dynamic support, particularly around $61.80. Meanwhile, relative strength indicators are starting to clear overbought conditions, suggesting a potential for a short-term pause or pullback.
A temporary bearish move could occur in the coming hours, possibly leading to a retest of $61.80 as support. This scenario aligns with a healthy correction within the broader uptrend, potentially setting the stage for renewed upside momentum.
A confirmed break above $63.80 would strengthen the bullish outlook, likely accelerating gains toward the next target around $65.00.
Traders should remain cautious, as the market remains sensitive to external factors, and risk levels are elevated amid ongoing trade tensions. All scenarios remain on the table, and heightened volatility is possible.
Risk remains high amid ongoing global trade tensions and economic uncertainty. All scenarios are possible, and traders are advised to manage their positions carefully.
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.
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