Oil is successfully testing support 19/7/2023

The support levels published during the previous technical report at 73.80, managed to protect the bullish trend as we expected, which forced the US crude oil futures prices to rebound upwards towards the official target 75.70, recording its highest level at $75.90 per barrel.

Today’s technical outlook, and with a closer look at the 240-minute chart, with the stability of intraday trading above 74.60, in addition to the continuation of moving above the main support level for the current trading levels 73.80, 50.0% Fibonacci retracement, which is accompanied by the positive motif of the 50-day simple moving average.

This encourages us to maintain our positive expectations, continuing towards the second target of the previous report 76.20, and the price’s consolidation above it is a catalytic factor that enhances the chances of touching 77.10/77.00 next station,

Activating the suggested bullish scenario depends on the stability of daily trading above 73.80, and breaking it will immediately stop attempts to rise, and the bearish trend will return control of oil prices, to be waiting for 73.10 & 72.60.

Note: Stochastic’s current negativity might push the price to retest 73.80.

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.

S1: 74.20	R1: 76.20
S2: 73.10	R2: 77.10
S3: 72.20	R3: 78.30