Crude Oil Continues to Gain

US crude oil futures prices managed to achieve the first official target required to be achieved during the last report, which is located at the price of 69.00, recording the highest at 69.03.

Technically, the simple moving averages still support the bullish price curve, which is in conjunction with the RSI’s continued defense of the bullish daily trend.

We only need to witness a clear and robust breach of the resistance level 69.25, 50.0% correction, which increases and accelerates the strength of the bullish trend, targeting 69.70 and 70.20, respectively, and gains may extend later towards 71.00, 61.80% correction. Therefore, maintaining trading levels above the support level of 67.50 is an essential and basic condition for continuing the rise mentioned above.

S1: 68.10	R1: 69.25
S2: 67.50	R2: 69.70
S3: 67.00	R3: 70.20