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US crude oil futures prices achieved the bullish target that should be touched during the previous report at 77.40, recording a high of 77.72.
Technically, by looking at the 240-minute chart, we find that the simple moving averages are still holding the price from below, and support the possibility of continuing the rise, this comes with the RSI continuing to provide positive signals on the short timeframes.
Stochastic’s negativity may push the price to achieve some limited decline, to visit 76.00 and 75.50, before resuming the rise again, we remind you that consolidation above 77.70 is a catalyst that increases the chances of touching 79.20.
Note: We are waiting for high-impact economic data today, and we may witness obvious fluctuations at the time of the press release:
Interest rate decision from the Bank of England
Summary of monetary policy from the Bank of England
Monetary policy vote on interest rates from the Bank of England
The interest rate decision of the European Central Bank
European Central Bank monetary policy statement
ECB press conference
US retail sales
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
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