Oil Touches Goal

US crude oil futures prices succeeded in touching the first target at 71.50, to record its highest level of 71.47.

Technically, prices are still stable above the psychological support level of 70.00, accompanied by the positive signs of the RSI and its stability above the mid-line 50, in addition to the regular work within the bullish price channel as shown on the graph.

Therefore, the bullish bias is the most preferred today, knowing that trading above 71.50 facilitates the task required to visit 72.00, a first target, and then 72.80; targets may extend later towards 73.10.

Only below, the return of stability below 70.00 nullifies the bullish scenario completely and puts oil prices under negative pressure, with its initial target of 68.65. 

Note: IEA report on oil inventories is due today, and prices may witness high volatility.

S1: 69.95	R1: 72.00
S2: 68.65	R2: 72.80
S3: 67.90	R3: 74.10