Crude Keeps The Upward Bias

US crude oil futures prices maintained their gains within the expected bullish path mentioned in the preovius analysis touching the first target to be achieved, located at 47.50, posting its highest level of 47.72.

Technically, intraday trading has stabilized above the previously breached resistance level, which has now turned to the support level of 47.00 and in general above 46.75, in addition to oil continuing to receive positive signals from the RSI.

This encourages us to maintain our positive expectations targeting 48.00 as a first target, bearing in mind that breaching it extends oil’s gains, leaving the way straight towards 48.50 and extending gains later towards 49.10.

Activating the bullish scenario requires stability above 46.75, trading below it, delaying bullish opportunities, and we witness a re-test of 46.010 before continuing the upside again.

Note: The level of risk may be high today.

Note: IEA report is due today for oil inventories and may cause some volatility.

S1: 46.75	R1: 48.00
S2: 46.00	R2: 48.45
S3: 45.50	R3: 49.15