Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures prices jumped to touch the targets mentioned in the previous report, at 39.10, posting a high of 41.33.
Technically, intraday stability above 39.10 / 39.00 resistance supports the upside. Looking at the 60-minute chart, we find that the RSI indicator is stable above the mid-line, in conjunction with the price continuing to get the positive motive from the simple moving averages.
From here, consolidating above 39.10 and in general above 38.50, the bullish scenario will remain intact with the first target of 41.40 / 41.30, bearing in mind that confirming the breach of the aforementioned level accelerates and confirms the strength of the daily bullish trend, targeting 43.10.
Consolidation above 38.50 is an important and essential condition for the suggested bullish scenario. Breaking the latter negates the suggested scenario temporarily, and we may witness a re-test of the support floor of 37.50 before attempting to rise again.
| S1: 37.80 | R1: 41.45 |
| S2: 36.10 | R2: 43.15 |
| S3: 34.35 | R3: 45.00 |
