Oil Awaits The Bullish Scenario

US crude oil futures prices posted notable gains, reaching Friday’s high of 41.40.

Technically, we tend to be positive, with the price staying above the SMA 50, which meets around 39.20 and adds more strength, with the stochastic attempts to obtain more bullish momentum.

The bullish scenario will remain intact, noting that trading above 41.40 increases and accelerates the strength of the daily bullish trend, so that we are waiting for 42.00 / 41.90 and may extend later towards 42.60.

We note that the suggested scenario depends on the daily trading remaining above the support line of 39.20

S1: 39.55	R1: 41.05
S2: 38.95	R2: 42.00
S3: 38.05	R3: 42.60