Oil Trying to Keep an Upward Path

Mixed trades tilted to the positivity that dominated US crude oil futures prices after it succeeded in establishing a good support floor around 58.50.

Technically, the RSI indicator stabilized above the 50 mid-line, a positive factor, accompanied by the positive crossover signals that began to appear on the stochastic oscillator.

We may witness a bullish bias in the coming hours, targeting 60.50 and 61.20, respectively. Only from below is the return of stability in trading and stabilizing the price below 58.50, delaying the bullish chances and leading oil to a downside path, its initial target of 57.50.

Note: the level of risk is high and disproportionate to the expected return.

S1: 57.45	R1: 61.20
S2: 55.65	R2: 63.20
S3: 57.70	R3: 65.00