Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures prices faced negative pressure during the week ended, to find that the current trades started with positive attempts with the return of the price stability in general above the solid support floor 37.10.
Technically, we tend to be positive in our current trading, as oil continues to receive positive signals from the RSI over short time intervals.
Therefore, we believe that there is a possibility to witness a bullish bias in the coming hours, targeting 38.60 as a first target, and breaching it accelerates and confirms the strength of the bullish bias, so that we will be waiting for 39.00 / 39.10 initially.
A reminder that consolidating trading above 37.10 is an important and essential for activating the suggested scenario, below it puts the price under negative pressure, aiming to re-test 36.65 and 36.20, respectively.
| S1: 37.40 | R1: 38.60 |
| S2: 36.65 | R2: 39.10 |
| S3: 36.15 | R3: 39.80 |
