Oil Continues to Achieve Bullish Goals

US crude oil futures prices managed to retest support published in the previous analysis at 70.70, recording the lowest price at 70.80, to return again towards the daily target of 72.20, to record its highest level during the early trading of the current session at 72.80.

Technically, the daily trend is still bullish, relying on the confirmation of oil breaching the resistance-into-support level of 71.40, in addition to the positive signs coming from the RSI.

Therefore, the bullish scenario will remain intact, targeting 73.30/73.35, a first target, and its breach will increase and accelerate the strength of the bullish trend so that the path will be opened directly towards 74.10.

Activating the bullish scenario depends on the stability of the intraday trading above 71.90 and in general above 71.30.

Note: The International Energy Agency on oil inventories is due today.

S1: 71.30	R1:73.35
S2: 71.10	R2: 74.10
S3: 69.40	R3: 75.30