Oil extends its gains 7/3/2023

US crude oil futures prices jumped to achieve significant gains with the early trading of the current session, recording a high of $80.90 per barrel.

Technically, by looking at the 240-minute chart, we find that the 14-day momentum indicator continues to defend the bullish trend, stimulated by the price’s stability above the simple moving averages supporting the daily bullish price curve.

From here, with steady daily trading above the previously breached resistance, which is now transformed into the support level of 79.50, the idea of continuing the rise remains valid and effective, targeting 81.50 next price station, whose positive targets may extend later towards 82.50, as long as trading is stable above 79.50.

Note: Stochastic is around overbought areas, and we may witness some fluctuation until we get the desired direction.

Note: Today, the markets are awaiting the semi-annual testimony of Federal Reserve Chairman Jerome Powell before the Senate, and we may witness high volatility.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 79.00	R1: 81.55
S2: 77.45	R2: 82.50
S3: 76.50	R3: 84.10