Crude Oil Maintains Positive Stability

The movements of US crude oil futures witnessed a bullish tendency, reaching its highest level during the previous trading session of 47.42.

Technically, we find that the 50-day moving average continues to hold the price from below, and this comes in conjunction with the continued positive signals for oil from the RSI due to the stability above the 50 midline.

From here, with intraday trading above 46.50 and above 46.10, a bullish bias is likely today, knowing that the breach of 47.50 is a catalyst that strengthens the bullish chances for a visit to 48.30 for a next leg.

A reminder that the return of trading stability below 46.10 delays bullish chance, and we may witness a re-test of 45.75 and 45.10 before attempts to rise again.

S1: 45.75	R1: 47.50
S2: 44.90	R2: 48.30
S3: 44.10	R3: 49.25