Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures prices managed to achieve the target of the bearish corrective slope referred to in the previous report, at 70.20, recording its lowest price of 69.70.
Technically, we find the price succeeded in building on the psychological support level 70.00, as we find the simple moving average trying to push the price to the upside, and it is supported by the positive signals coming from the RSI on the short time frames.
Therefore, the bullish bias is likely in the coming hours, but with caution, targeting 71.50, knowing that its breach is a catalyst that increases the possibility of touching 72.50/72.30.
In the event that oil prices fail to maintain trading above 70.00/69.80, this will immediately stop any attempts to rise and lead the price to a strong bearish path, with a target of 68.90 and then 68.20, respectively.
Warning: The level of risk may be high.
| S1: 69.80 | R1: 71.50 |
| S2: 68.90 | R2: 72.30 |
| S3: 68.20 | R3: 73.20 |
