Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures prices found a strong support level near the psychological barrier of 68.00, to continue the upward journey.
Technically, trading stability above 68.00 supports the rise accompanied by the positive motive of the simple moving averages, which coincides with the positive signals coming from the RSI on the short time frames.
We will maintain our positive outlook, targeting 70.00, a first target, and we should pay attention that breaching the mentioned level increases and accelerates the strength of the bullish trend, so we will wait for 70.60, and gains may extend later towards 71.00.
To remind that activating the suggested bullish scenario requires daily trading stability above 68.00, and breaking it is capable of thwarting the bullish scenario completely and putting the price under negative pressure with the aim of retesting 67.10.
| S1: 68.55 | R1: 70.00 |
| S2: 67.70 | R2: 70.60 |
| S3: 67.10 | R3: 71.40 |
