Crude Oil Rebounds After Touching Support And Eyes Are on Stocks

Negative trades dominated the price movements of US crude oil futures, within the bearish correction tendency referred to during the previous analysis, touching the awaited corrective target at 72.00, recording its lowest at 71.97.

Technically, oil prices rebounded due to touching the support represented in the target to witness the stability of the current movement above 72.40. In addition, the RSI is providing positive signs that increase the possibility of seeing a bullish bias in the coming hours.

We are targeting a retest of 74.00/74.20, and then 74.60. The return of trading stability below 72.35 will immediately stop the current attempts to rise and lead oil prices to 71.40/71.35.

Warning:- Today, we are awaiting the report issued by the International Energy Agency on oil stocks, and we may witness high volatility in prices.

S1: 72.35	R1:74.20
S2: 71.35	R2: 74.90
S3: 70.50	R3: 76.00