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US crude oil futures were trading on the positive side after several losses, and we indicated in our latest analysis that the continuation of the decline depends on confirming the break of 36.00 in order for oil to be able to form a strong floor around the aforementioned level.
An intraday consolidation above 37.50, with Stochastic attempts to gain additional momentum, which increases the possibility of a bullish slope during today’s trading, targeting 39.30.
Price reversal to 37.50 and holding below it will act as a negative pressure on the black gold and push the price towards resuming the downtrend towards the initial target at 36.00.
It should be warned that the level of risk may be high, as the expected bullish intraday trend over short periods of time does not contradict the daily downward trend.
Today’s markets focus entirely on the International Energy Agency data that could lead to high volatility in prices.
Trading levels
| S1: 36.50 | R1: 38.75 |
| S2: 35.20 | R2: 39.70 |
| S3: 34.25 | R3: 41.10 |