Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures prices surged, marking significant gains and making a decisive push towards the psychological resistance barrier of $83.00, reaching a peak of $83.17 per barrel.
Technically, our trading outlook remains optimistic, with the simple moving averages providing positive reinforcement and buoyed by encouraging signals from the 14-day momentum indicator.
While technical indicators suggest a potential continuation of the upward momentum in the near term, we anticipate a breakthrough of the $83.50 resistance level to further solidify oil’s gains, setting the stage for potential extensions towards $84.00 and $84.85 as subsequent targets.
Conversely, a close below the $82.25 mark on an hourly candle could temporarily shift sentiment to the downside, with a potential retest of $81.40 before resuming upward movements.
As a cautionary note, today’s market activity awaits a speech by Jerome Powell, Governor of the Federal Reserve, which could prompt heightened price volatility.
Given the ongoing geopolitical tensions, the level of risk remains elevated, potentially leading to increased price fluctuations. It’s important for traders to remain vigilant and adapt their strategies accordingly.
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.
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