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US crude oil futures prices continued to achieve gains as we expected, touching the official target at 74.10, to record the highest level at 74.25.
Technically, with the price rallying and breaching the resistance level of 73.70 and the stability of trading above the psychological barrier support level of 73.00, in addition to the positive signals coming from the RSI and its stability above the mid-line 50.
Therefore, we maintain our positive outlook, targeting 74.55, considering that trading above the latter extends oil’s gains, paving the way to visit 75.00 official awaited stations.
From below, the return of stability below 73.00 postpones the chances of rising but does not cancel them, and we may witness a bearish slope that aims to retest 72.20 before attempts to rise again.
| S1: 73.00 | R1: 74.55 |
| S2: 72.20 | R2: 75.10 |
| S3: 71.65 | R3: 76.00 |
