U.S. crude oil futures posted strong gains in the previous session, reaching an intraday high of $68.61 per barrel.
Technical Outlook – 4-Hour Timeframe:
Price action remains supported by an ascending trend line, with the simple moving averages acting as dynamic support—indicating sustained bullish momentum. Notably, a positive divergence between price and the Relative Strength Index (RSI) further strengthens the bullish outlook in the near term.
Probable Scenario (Bullish Bias):
As long as daily trading holds above the key psychological support at $66.00, the bullish scenario is favored. Initial resistance is seen at $67.75. A confirmed breakout above this level could accelerate gains toward the next resistance at $68.15.
Alternative Scenario:
Failure to hold above the $68.00 mark could trigger renewed selling pressure, with downside targets at $65.20.
Caution:
The risk environment remains elevated due to ongoing geopolitical and trade tensions. Volatility may increase, and all scenarios remain possible. Traders are advised to apply appropriate risk management strategies.
Caution: In the context of ongoing global trade tensions and broader economic uncertainty, volatility may remain elevated. Manage risk accordingly, as all outcomes remain on the table.
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