Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures prices jumped to achieve noticeable gains yesterday to start attacking the psychological resistance level of 75.00%, recording its highest level during the morning trading of the current session at $75.10 per barrel.
Technically, we are positive depending on the price’s consolidation above the strong support floor located at 73.80./73.90, which is accompanied by the positive impulse of the Simple Moving Averages.
From here, the bullish slope is the most favourable during today’s session, and confirmation of the breach of 75.10 is a catalyst factor that increases and accelerates the strength of the bullish trend, targeting 75.60 and 76.70, following targets that extend later towards 77.70. It should be noted that trading below 73.80 leads oil prices to turn downwards again towards 72.30.
We remind you that closing the hourly candlestick below 70.50 can thwart the bullish scenario, and the bearish trend will regain control over oil movements, touching 69.65 & 68.80 as initial targets.
Note: Today we are waiting for high-impact economic data issued by the US economy, “US inflation data, consumer price index”
From Canada, we are waiting for “the Bank of Canada interest statement, Canadian interest rates and the Bank of Canada press conference” \
From England, we are waiting for “the speech of the Governor of the Bank of England” and the report issued by the International Energy Agency on oil stocks. We may witness high volatility at the time of issuance of the news.
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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