Oil Retests Support And Positivity Remains

The support levels mentioned during the previous report, at 70.00, were able to limit the bearish tendency witnessed by the crude oil futures prices after finding a solid resistance level around 71.30, which we mentioned as one of the conditions for completing the bullish trend.

Technically, oil prices continue to get positive signals from the RSI on the short time frames, in addition to the stability of daily trading above the psychological support level of 70.00.

Therefore, the bullish scenario remains valid and effective, provided that we witness a breach of 71.30, targeting 71.90, a first target, and gains may extend later to visit 72.50.

Note: IEA report is due today and may cause high volatility.

S1: 70.20	R1: 71.40
S2: 69.45	R2: 71.90
S3: 68.95	R3: 72.60