Oil: Achieving Noticeable Gains

US crude oil futures prices jumped to achieve strong gains within the expected positive outlook, touching our official target required to be achieved during the previous analysis at 63.00, to record its highest levels of 63.27.

Technically, we are biased towards the positivity, relying on the price anchoring above 62.60 and in general above 62.20, and we find the RSI indicator continues to defend the bullish bias.

Therefore, the way is open during today’s session to visit 63.60, knowing that the burning of the aforementioned level increases and accelerates the strength of the bullish trend, so we will be waiting for 64.00/64.10.

From below, the return of trading stability below 62.20 is able to completely defeat the suggested scenario, and oil prices will witness negative pressure, targeting 61.30

. Note: Data by the International Energy Agency is due today and may cause volatility in prices.

S1: 62.20	R1: 63.60
S2: 61.30	R2: 64.15
S3: 60.75	R3: 65.00