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US crude oil futures prices reacted to the anticipated downward trend highlighted in the previous analysis. The scenario relied on trading stability below the key resistance level of 68.60. As expected, an upward move and stability above 68.60 negated the bearish outlook, resulting in a price increase to $69.08 per barrel, closely aligning with the target of 69.10 and offsetting selling pressures.
From a technical perspective, the 4-hour chart shows the price stabilizing above the breached resistance at 68.60. Additionally, the 50-day simple moving average now provides support, complemented by the formation of an ascending technical pattern.
With trading stability at 68.60, the bullish trend is favored for today, with an initial target at 69.50. A breach of this level would further strengthen the upward momentum, opening the path toward 69.95 and subsequently 70.50.
Conversely, if an hourly candle closes below 68.60, the bearish trend may regain control, targeting 68.15 and potentially extending to 67.30.
Warning: The risk level is high and may not align with the expected return.
Warning: High-impact U.S. economic data, including the “Annual Consumer Price Index” and “Monthly Consumer Price Index,” is expected today, potentially causing significant price volatility.
Warning: The risk level remains elevated amid ongoing geopolitical tensions, with all scenarios remaining possible.
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. This market’s risk level remains high, particularly due to ongoing geopolitical tensions, which could result in heightened price fluctuations.
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