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We remained neutral during the previous report due to the conflicting technical signals, explaining that any attempts to breach the pivotal resistance level at 81.50 would boost oil’s gains to visit 82.00, recording a high at 81.87.
Technically, we find that oil managed to settle above the 51.50 resistance level, accompanied by the moving averages providing a positive stimulus to support the bullish curve in prices, in addition to the continued bullish momentum coming from RSI.
Therefore, there is an opportunity to resume the bullish trend to visit the extended resistance 82.30/82.15. Knowing that breaching the mentioned level increases the strength of the bullish trend opens the door for 82.80.
Trading again and price stability below 80.80 can thwart the bullish scenario and lead the price to enter a minor bearish correction, with its initial target located around 79.80 and 79.45, respectively.
| S1: 80.80 | R1: 82.30 |
| S2: 79.80 | R2: 82.80 |
| S3: 79.45 | R3: 83.75 |
