Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures prices exceeded the official target required to be achieved during the previous trading session, located at 75.00, to record the highest level of 76.26, the rise for the sixth consecutive session.
Technically, with oil’s success in building the support floor around 75.00, which is accompanied by the positive motive of the simple moving averages that support the rise, in addition to the clear positive signs on the relative strength index.
Therefore, we will maintain our positive expectations, targeting 76.70, a first target, considering that trading above the mentioned level is a catalyst that contributes to consolidating gains to visit 77.00 and 77.35, respectively.
In general, we continue to suggest the overall bullish trend as long as trading is stable in general above the 73.30 support level and breaking it forces oil to enter into a minor bearish correction targeting 72.00 and 71.30 before rising again.
| S1: 75.10 | R1: 76.70 |
| S2: 73.90 | R2: 77.35 |
| S3: 73.30 | R3: 78.45 |
