Oil Breaks Through The Resistance

US crude oil futures prices rose significantly at the end of the weekly trading sessions, recording a high of 74.74.

Technically, the breach of the resistance-into-support level of 73.00 supports the possibility of continuing the rise, as we find the RSI stable above the mid-line on the short time frames.

Therefore, the bullish bias is likely today, knowing that the confirmation of breaching 74.90/75.00 increases the strength of the daily bullish trend, paving the way for oil to achieve gains extending to 75.70.

Any attempt to break 73.00 is able to completely thwart the bullish scenario and lead oil to the corrective bearish path with an initial target of 72.10 and extend towards 71.50.

S1: 73.10	R1:74.90
S2: 72.10	R2: 75.70
S3: 71.30	R3: 76.65