Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures prices witnessed a bearish tendency, as we expected, touching the first target at 75.00, recording a high of 75.02.
Technically, we find that oil maintains positive stability after it succeeded in breaching the resistance level of 73.40/73.30, which has now turned into a support level. We also find that the momentum indicator continues to defend the continuation of the bullish bias.
Therefore, we are targeting 75.00/75.15 as a first target, knowing that breaching the mentioned level increases and accelerates the strength of the bullish trend, with a target of 76.00 next official station.
To remind that activating the suggested scenario depends on trading stability above 73.30, and breaking it leads oil prices to enter a bearish correction, with its initial target of 72.45, while its official target is around 71.70.
| S1: 73.40 | R1:75.15 |
| S2: 72.45 | R2: 76.00 |
| S3: 71.65 | R3: 76.90 |
