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US crude oil prices jumped, continuing the series of gains, as we expected, touching the third official target at 72.50, to record the highest level of 73.12.
Technically, we see the simple moving averages continue to provide a positive stimulus supporting the rise, accompanied by clear positive signs on the RSI over the short time intervals.
From here, oil’s success in building a base on the psychological barrier’s support level of 72.00, the bullish scenario remains intact, provided that the breach of 73.10 is confirmed, targeting 73.50/73.60 a first target, knowing that the breach of the latter extends oil’s gains, paving the way for gains towards 74.50s.
The bullish scenario depends on trading above 72.00. Knowing that the return of price stability below the mentioned level delays the chances of a rise but does not cancel it, we may witness a retest of 71.30/71.00 before rising again.
| S1: 71.35 | R1: 73.60 |
| S2: 69.90 | R2: 74.50 |
| S3: 69.05 | R3: 75.90 |
