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US crude oil futures prices managed to touch the target mentioned in the previous analysis, located at 65.40, to record its highest level during the previous session at 65.43.
Technically, oil was able to build a base on the support located at 64.30/64.10, accompanied by the positive motivation of the 50-day moving average, in addition to the RSI’s continued defense of the upside.
Consequently, we will maintain our positive outlook targeting 65.60 and 66.20 thereafter, and gains may extend later towards 57.00.
Only from below is the return of price stability below 64.10 able to completely defeat the bullish scenario, and oil prices will witness a bearish bias, with the initial target in 63.30/63.00 areas.
| S1: 64.10 | R1: 65.60 |
| S2: 63.30 | R2: 66.25 |
| S3: 62.60 | R3: 57.10 |
