Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The US crude oil futures contracts have continued their upward trajectory, in line with the bullish forecast outlined in the previous technical report, reaching the initial target at $78.60 and peaking at $78.88 per barrel.
From a technical standpoint, the prevailing sentiment remains positive, supported by the ongoing influence of the 50-day simple moving average and favorable signals from the 14-day momentum indicator on shorter timeframes.
With the price demonstrating stability above the support level of $77.40, confidence in maintaining a bullish outlook is reinforced. Initial targets are set at $79.00, with a potential breach signaling further upward momentum towards $79.75. Subsequent gains could extend towards the $80.00 mark.
It’s important to note that a return to trading stability below $77.35 would invalidate the bullish scenario, exposing the price to significant downward pressure, with an initial target at $76.50.
Warning: The Stochastic indicator is in the process of eliminating current negative signals, suggesting potential price fluctuations until a clear direction is established.
Warning: Given the ongoing geopolitical tensions, there’s a possibility of heightened price volatility, contributing to increased risk levels. Traders should exercise caution and implement appropriate risk management strategies.
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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