Crude Oil: Retest Sup

Positive trading dominated the US crude oil futures prices within the expected bullish context, heading to touch the first target at 53.75, recording its highest level during the previous session’s trading at 53.75.

Technically, Trading above the previously breached resistance level, which is now converted to support at 52.75, supports upside, but the stochastic indicator within the intraday overbought areas, which is supported by the negative signs that began to appear on the RSI, makes us believe that there is a possibility of a slight slope Bearish before continuing to rise again.

Therefore, we might see a retest of 52.75, and then 52.30. Surpassing the resistance level of 53.70 will negate the re-test scenario, and we will witness positive moves within the daily bullish trend to visit 54.20 and 54.60, respectively.

S1: 52.75	R1: 53.60
S2: 52.15	R2: 54.20
S3: 51.60	R3: 54.65