Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures prices succeeded in achieving the official target required to be touched at the end of last week’s trading, which is located at 80.90, to record its highest level of 81.10 during the early trading of the current session.
Technically, we find the simple moving averages continue to support the bullish price curve, which comes in conjunction with the RSI’s continued defense of the bullish trend.
Therefore, we will maintain our positive expectations, targeting 81.50, a first target; its breach will extend oil’s gains to 81.80.
The failure of oil prices to confirm breaching the pivotal resistance level 81.50 may put the price under negative pressure, which increases the possibility of witnessing a retest of 79.40. Note: The risk level is high.
| S1: 79.45 | R1: 81.80 |
| S2: 77.90 | R2: 82.65 |
| S3: 77.00 | R3: 84.10 |
