Oil may witness a session in the green areas 3/4/2023

US crude oil futures prices witnessed an upward rebound by the end of last week’s trading, building on the strong support floor of 72.60.

Technically, with a close look at the 240-minute chart, the price has returned to stability above the simple moving averages that support more rises and is stimulated by the clear positive signs on the RSI over the short term.

With the price stability above 74.50, and in general above 73.60, the bullish bias is the most favourable during today’s session, targeting 75.80, and breaching it increases and accelerates the strength of the bullish daily trend, to be waiting for 76.65 as the first target, and then 77.70 as the next official station, unless we witness a trading volume below 76.65.

As a reminder, breaking 73.60 puts the price under temporary negative pressure to retest 72.70 before starting the rise again.

Note: The risk level is high.

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.

S1: 73.65	R1: 76.65
S2: 71.70	R2: 77.70
S3: 70.65	R3: 79.70