Oil Continues to The Upside

Oil is gradually rising as US crude oil futures prices approach the previous report’s target of 51.50, to hit a high of 51.

Technically and with the continuation of the positive motive coming from the 50-day moving average, which is accompanied by the RSI’s defence of the bullish bias.

This pushes us to maintain our positive outlook for the first target of 51.30, and breaching it is a catalyst that enhances the chances of the rally towards 51.70 and may extend later towards 52.00.

Only from below, the stability of the price below the support floor of 50.50 negates the activation of the suggested bullish scenario and leads the price to a bearish intraday path aimed at retesting 50.00.

Note: The US employment data are due today and may affect the price.

S1: 50.50	R1: 51.30
S2: 50.00	R2: 51.70
S3: 49.60	R3: 52.15