Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures prices witnessed a strong rise last Friday, denying the idea of the bearish correction mentioned in the previous analysis. We indicated that rising above 82.70/82.60 negates the bearish scenario, and oil recovers intending to retest the pivotal resistance 83.80, recording its highest level. 84.20.
Technically, with confirmation of oil breaching the resistance-into-support of 82.70 and the continuation of the price getting a positive stimulus from the 50-day moving average, coinciding with the positive signs of the RSI.
Therefore, the bullish bias is likely today, knowing that the breach of 84.20 increases the strength of the bullish trend, paving the way for achieving more gains, reaching 84.85 initially, and gains may extend later towards 85.40.
Breaking the mentioned support level 82.70 and the most importantly 82.40 will immediately stop the suggested bullish scenario and put the price under strong selling pressure to retesting 81.50.
Note: the level of risk is high.
| S1: 82.40 | R1: 84.85 |
| S2: 80.85 | R2: 85.75 |
| S3: 79.95 | R3: 78.30 |
