Oil Extends Its Gains 12/1/2022

US crude oil futures prices jumped to achieve substantial gains, recording the highest level around 81.70, after it succeeded in confirming the breach of the resistance level 79.80, and then 80.30.

Technically, the simple moving averages continue to support the bullish price curve, in addition to the RSI receiving positive signs.

Therefore, the daily trend may be bullish, targeting 82.50, knowing that its breach increases and accelerates the strength of the bullish trend to 83.50.

We remind you that activating the suggested bullish scenario depends on the stability of daily trading above 79.80, 23.60% Fibonacci correction, as shown on the graph.

Note: IEA report is due Today; we may witness high volatility in prices.

Note: CFD trading involves risks; all scenarios may occur.

S1: 79.40	R1: 82.50
S2: 77.45	R2: 83.60
S3: 76.30	R3: 85.60