Oil Attacking $60 Barrier

US crude oil futures prices opened their weekly trading on a rising gap, recording a high of $60.92 per barrel.

Technically, the RSI has gained more bullish momentum, which supports the possibility of continuing the rise, as we find the price stable above the previously breached resistance level, which turned to the support level of 59.90.

Therefore, we may witness more rises during the coming hours, targeting 62.00 as a first target, bearing in mind that confirming the breach of 62.00 increases and accelerates the strength of the daily bullish trend, so that the way is directly open towards 63.20.

Trading again below the support level of 59.70, postponing chances of an upside, and we may witness negative moves targeting 58.50.

Note: the level of risk is high today.

S1: 58.45	R1: 62.00
S2: 56.15	R2: 63.20
S3: 54.95	R3: 64.50