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US crude oil futures prices achieved a noticeable increase to offset part of last week’s losses. As markets await the results of the US elections, oil added more than 2.0% to its gains, touching the 38.70 level.
Technically, we are looking to the upside, but cautiously, given the consolidation of trading above 37.40 with the positive catalyst from the 50-day moving average, which coincides with stochastic consolidation around overbought areas.
Therefore, we may witness attempts to visit 39.20 / 39.10, knowing that breaking it will extend gains, and we may witness a visit to the $ 40.0 barrier.
On the downside, trading below 36.80 is able to negate the bullish attempts and put the price under strong negative pressure, its initial target of 35.50.
Warning: We are awaiting the report from the International Energy Agency on oil stocks. Warning: We may witness violent price fluctuations as the markets await the US elections.
| S1: 39.10 | R1: 36.80 |
| S2: 40.10 | R2: 35.50 |
| S3: 41.40 | R3: 34.50 |
