Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures prices jumped within the expected bullish trend, in which we relied on confirming the breach of 46.20, heading for touching our awaited target located at 47.30, recording a high of 47.72.
Technically, with the success of oil in building a base on the previously breached resistance that turned into a support level at 46.20, in addition to the positive stimulus coming from the 50-day moving average.
This encourages us to maintain our positive expectations targeting 47.80, and a breach thereof will extend oil’s gains, so that the way is directly open towards 48.90.
A reminder that the return of trading stability again below 46.20 delays the bullish chances, but does not cancel it, and we witness a re-test of 45.70 before resuming the rise again.
| S1: 45.65 | R1: 47.80 |
| S2: 44.35 | R2: 48.90 |
| S3: 43.70 | R3: 50.10 |
