Crude Oil Achieves Bullish Goals

US crude oil futures prices jumped during the previous trading session after it succeeded in surpassing the upside and stabilizing the price above the resistance level of 69.25, the Fibonacci correction of 50.0%, explaining that this is a turning point to complete the bullish path with targets that start at 70.30 and extend towards 71.00, recording the highest 70.60.

Technically, trading stability above the previously breached resistance level 69.25 supports the rise, in addition to the continuation of oil getting positive stimulus from the 50-day moving average.

With a closer look at the chart, we find stochastic started sending negative signals due to entering the overbought areas, which might force the price to retest 69.25/69.00 before attempting to rise again, knowing that 71.00/71.10 is the awaited official station.

CAUTION: The risk level is high. 

S1: 68.45	R1: 70.90
S2: 67.10	R2: 71.90
S3: 66.00	R3: 73.25