Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures prices managed to achieve the negative outlook, as we expected, touching the target mentioned in the previous report, 40.50, posting a low of 40.15.
Technically, we find the 50-day moving average continues to negatively pressure the price from below, with the RSI stable below the 50 midline.
Therefore, the bearish scenario will remain intact, targeting 39.60 as a first target, and breaking it will confirm and accelerate and confirm of the daily bearish trend, so that we will be waiting for 38.85.
Only to the top, with the return of stability above 41.60, which meets around the 50-day average, will negate the bearish scenario, and oil will recover towards 42.30 and 42.90.
| S1: 39.60 | R1: 41.60 |
| S2: 38.85 | R2: 42.90 |
| S3: 37.60 | R3: 43.65 |
