Oil Based on Support 4/1/2022

Mixed trading dominated the movements of the US crude oil futures after finding a solid support level near the psychological barrier of 74.00, to return to trading above 76.00 again.

Technically, the RSI provides positive signals on the short time intervals and the price stability above the 50-day moving average, which meets near the support level of 75.40 and adds more strength to it.

We tend to be positive, but cautiously, targeting 77.00 the first target, considering that confirmation of the breach of the mentioned level can enhance chances of continuing the rise towards 78.00.

Activating the suggested scenario depends on the stability of daily trading above 75.40. Breaking it will immediately stop the bullish scenario and lead oil prices to trade negatively towards 74.80 and 73.65, respectively.

Note: the level of risk is high.

S1: 74.80	R1: 77.10
S2: 73.40	R2: 78.00
S3: 72.50	R3: 79.30