Oil Building on Support

US crude oil futures prices witnessed a positive trading session in the green area, building on the support level published in the previous analysis, at 82.75, which we referred to as one of the most important keys to the upside. We indicated that the return of price stability Above 84.10 might enhance chances of a rise towards 85.10, recording a high of 84.86.

Technically, with the price’s success in stabilizing intraday above 83.40, accompanied by the RSI gaining bullish momentum, in addition to the positive motive for the 40-day moving average.

From here, the bullish bias is likely today. Still, the condition for stability in daily trading is above the main support level 82.70, in addition to confirming the breach of 85.10, which increases the strength of the bullish trend so that the way is directly open towards 86.00/85.95, and gains may extend later towards 87.00.

The breach below the key support level mentioned above 82.70 is a sign of reversal in direction, and we are witnessing a negative trading session that targets 81.70 and 80.80, respectively. Note: Stochastic is around overbought areas. Note: the level of risk is high.

S1: 82.75	R1: 85.00
S2: 81.75	R2: 85.95
S3: 80.80	R3: 87.10