Crude Oil At Highest Level in Several Months

US crude oil futures prices jumped to achieve strong gains during the previous trading session, surpassing the target mention in the previous analysis at 44.20, to record a high of 45.65.

Technically, the price has succeeded in rising above the breached resistance level of 44.50 and the most important 44.20 is a catalyst that supports the continuation of the rise, and we find the RSI indicator that supports the continuation of the rise in short time frame.

The daily trend is still up, knowing that the breach of 45.65 is able to push the price up towards 46.20, the first target and extends to 47.10 later.

The return of trading to stability again below 43.80 negates the bullish scenario, and the price of oil is witnessing temporary negative pressure, aiming to re-test 42.40.

Note: the report released by the International Energy Agency later in today’s session may have a significant impact on the price.

S1: 43.80	R1: 46.20
S2: 42.40	R2: 47.10
S3: 41.50	R3: 48.55