Oil Continues The Bullish Rally

US crude oil futures prices jumped to achieve strong gains during the previous session, surpassing the official target required to be achieved during the previous report at 63.50, recording its highest level near the 65 barrier around 64.87.

Technically, we find the RSI indicator continues to defend the upside, supported by the positive motive coming from the 50-day moving average. On the other hand, we find Stochastic is clearly trading around oversold areas. This makes us believe that there is a chance for a slight bearish bias during the coming hours, aiming to re-test 63.30/63.00 before attempting to rise again.

Note: the expected slight bearish bias does not contradict the daily bullish trend, its official targets are around 66.00.

S1: 61.65	R1: 66.00
S2: 58.90	R2: 67.60
S3: 57.30	R3: 70.30