Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures reversed the expected downward trend outlined in the previous technical report, which was based on trading stability below the key resistance level at $61.90. Instead, the market shifted to a more positive tone, with intraday movements showing a clear upside bias. Prices are currently hovering near the high of today’s morning session, around $62.90.
A closer look at the 4-hour chart reveals that the simple moving averages have re-crossed positively, forming a supportive technical structure. This is further supported by the Relative Strength Index (RSI), which is issuing positive signals, indicating building bullish momentum.
Given these factors, there is a strong possibility for further gains in the near term, with the first target set at $63.55. A confirmed break above this level could extend the rally, opening the door for an advance toward $64.20.
However, the proposed bullish scenario remains dependent on intraday trading stability above $61.90, and more broadly, above $61.60. A drop below these levels could invalidate the current outlook.
Traders should remain cautious ahead of the release of key U.S. economic data, including Preliminary GDP (Quarterly) and Weekly Unemployment Claims. These reports could trigger high volatility across markets, including crude oil.
Risk remains high amid ongoing global trade tensions and economic uncertainty. All scenarios are possible, and traders are advised to manage their positions carefully.
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. This market’s risk level remains high, particularly due to ongoing geopolitical tensions, which could result in heightened price fluctuations.
| S1: |