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US crude oil futures prices continue to achieve gains after it succeeded in successfully retesting the support level 55.20, approaching a few points difference from the target published yesterday, at 56.90, to record its highest level during early trading for the current session 56.81.
Technically, the price’s consolidation above the psychological barrier of 56.00 is a positive factor, in addition to oil continuing to get a positive stimulus from the 50-day moving average, and we find the RSI that motivates the price to continue rising.
Consequently, the bullish scenario will remain valid and effective targeting 57.10, noting that its breach increases and confirms the strength of the bullish short-term trend, with next targets 57.70.
From the bottom, the return of trading stability and the stability of the price below the support level 55.60 delays the bullish chances, but does not cancel it, and we may witness a re-test of 54.70 before attempting to rise again.
| S1: 55.60 | R1: 57.10 |
| S2: 54.65 | R2: 57.70 |
| S3: 54.05 | R3: 58.65 |
