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Positive trading dominated the movements of American crude oil futures, we stayed on the fence during the previous analysis, explaining that confirming the breach of the resistance level 69.25 is a catalytic factor that is a sign of a bullish bias, targeting 69.80, to record oil at its highest level at 69.87.
Technically, the intraday trading stability is above 67.80 and generally above the pivotal support level 67.40, positive factors in addition to the continuation of oil prices receiving positive signals from the RSI.
We tend to be positive, targeting 68.80 and 69.25, respectively. It should be noted that the stability of trading above 69.25, 50.0 Fib, extends oil’s gains to open the door for 71.00.
On the downside, confirming the breach of the pivotal support level of 67.40 represented by the 61.80% Fibonacci, putting the price under strong negative pressure, targeting 66.30 and 65.40.
| S1: 67.40 | R1: 69.80 |
| S2: 66.30 | R2: 71.00 |
| S3: 65.00 | R3: 72.00 |
