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US crude oil futures prices jumped to record noticeable gains within the expected bullish context, touching the second target of the previous report at 77.00, recording a high of $77.30 per barrel.
The technical outlook remains unchanged; we tend to be positive depending on the price’s consolidation in general above the strong support floor at 76.10, accompanied by the positive impulse of the Simple Moving Averages and positive momentum signs.
From here, the bullish bias is the most favorable during today’s session, and confirmation of the breach of 77.30 is a catalyst factor that increases and accelerates the strength of the bullish trend to target 77.70 to extend to visit 78.40.
Noting that the breach of the latter and the consolidation of the price above extends the gains, to be waiting for touching 78.80, and it must be noted that if oil prices trading below 76.10, it will turn to a decline again, towards 75.75, and the fall may extend towards 74.60.
Note: Stochastic is trying to eliminate the current negativity, and we might witness some fluctuation until we get the required official trend.
Note: Today, we are awaiting high-impact economic data issued by the US economy, “the preliminary reading of consumer confidence,” and we may witness high volatility during the news release.
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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