Crude Oil At Highest Level in Several Months

US crude oil futures prices succeeded in touching the required targets, touching the second target at 43.50, posting a high of 43.54.

Technically, the price is based above 42.70, which is accompanied by the positive stimulus of the 50-day moving average that meets around 42.70 and adds more strength, and this comes in conjunction with stochastic concentrating around overbought areas.

From here, the bullish bias is likely today, completing towards the third target 43.90, and its breach will increase and accelerate the strength of the bullish trend, opening the way to visit 44.20.

The activation of the suggested scenario requires stability above 42.70, and breaking it will delay the bullish chances, but not cancel it, and we may witness a retest of 41.70 before resuming the rally again.

S1: 42.70	R1: 43.90
S2: 42.05	R2: 44.25
S3: 41.70	R3: 44.95