Oil Continues to Achieve Our Rising Goals

US crude oil futures prices jumped as we expected, touching the second target required to be achieved during the previous analysis, located at 67.10, to record a high of 67.43.

Technically, with the regularity of work inside the bullish price channel, accompanied by the continued positive stimulus from the simple moving averages, in addition to the RSI indicator continuing to defend the upside.

From here and steadily trading above the previously breached resistance level, which turned into the 66.30 support level, this encourages us to maintain our positive outlook, targeting 67.90/68.00, a first target, taking into consideration that the confirmation of the latter’s breach extends oil’s gains so that the road is directly open towards 68.60.

From below, the return of trading stability again below 65.30 is able to thwart the daily bullish trend and lead oil to retest 64.70 and 64.10, respectively.

S1: 65.90	R1: 67.90
S2: 64.70	R2: 68.65
S3: 64.00	R3: 69.90