Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures experienced significant losses, as anticipated in the previous report, reaching a low of $67.45 per barrel within the bearish trend.
Technically, we maintain a cautious negative outlook, relying on the ongoing downward pressure from the simple moving averages, along with the stability of momentary trading below the previously broken support level of 68.50.
A bearish trend may continue in the coming hours, targeting 66.90 as the first objective. Breaking below this level would pave the way for a move toward 66.30.
On the upside, if prices cross above 68.55, and more importantly, 68.75, this would indicate a return to an upward trajectory, with targets set at 70.45, potentially extending gains towards 71.10.
Warning: The risk level may be high.
Warning: Today, we anticipate high-impact economic data from the US, particularly the “Job Vacancies and Labor Turnover” report, which could result in significant price volatility.
Warning: The risk level remains elevated amidst ongoing geopolitical tensions, and all scenarios remain possible.
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. The risk level remains high in this market, particularly due to ongoing geopolitical tensions, which could result in heightened price fluctuations.
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