Oil Establishes a Good Support Ground

The psychological barrier support levels located at 63.00 were able to limit the bearish tendency in US crude oil futures prices, which forced it to rebound again.

Technically, oil succeeded in holding intraday again above 64.50 and generally stable above 63.70, accompanied by the positive motivation of the 50-day moving average, coinciding with the RSI’s attempts to obtain bullish momentum.

We may witness positive trading in the coming hours, knowing that the stability of trading above 65.00 is a catalyst that facilitates the task required to visit 65.70 a first target, and then 66.40 a next official stop.

Activation of the bullish scenario depends on trading remaining above 63.70.

S1: 63.70	R1: 65.70
S2: 62.40	R2: 66.45
S3: 61.70	R3: 67.70