Oil Continues to Gain

US crude oil futures prices jumped, as we expected, touching the official target mentioned in the previous analysis, at 68.50, and managed to hit a high of 68.85.

Technically, the simple moving averages are still holding the price from below and supporting the bullish price curve, in addition to stabilizing trading above the 67.50 support level.

Therefore, the bullish scenario will remain valid and effective, but the condition is to confirm the breach of 69.00, and that is a catalyst that accelerates and strengthens the daily bullish trend, so we will be waiting for the next leg of 70.00. From below, breaking 67.50 and stabilizing the price below it puts the price under temporary negative pressure, targeting a retest of 66.65.

Note: Stochastic is trading negatively, and that might force oil to make some concessions before rising again:

The report issued by the International Energy Agency on oil inventories was postponed to tomorrow’s session due to the US market holiday last Monday.

S1: 66.75	R1: 69.00
S2: 65.65	R2: 70.00
S3: 64.60	R3: 71.10