Oil Is Supported by an Uptrend Line 10/2/2026

U.S. crude oil futures posted strong gains in the previous session, rallying to a high near $64.85 and reinforcing the prevailing bullish momentum.

Technical Outlook – 4-Hour Chart

The technical structure remains supportive. Simple moving averages continue to underpin the daily uptrend, while price action holds along a short-term ascending trendline, confirming the strength of the current bullish phase.

Expected Scenario

As long as trading remains above the $63.70 support level, the bullish scenario remains the most likely outcome. Under this setup, prices are expected to target $65.10 as the first upside objective. A sustained break above this level would further strengthen upward momentum and open the way toward $65.50.

On the downside, a return to trading below $63.70 would weaken the bullish structure and could place prices under renewed pressure, with scope for a corrective pullback toward $62.90.

Market Note:
High-impact U.S. economic data is due today, including monthly Retail Sales and the Employment Cost Index. Elevated volatility is expected around the release.

Risk Warning:
Market conditions remain high-risk amid ongoing trade and geopolitical tensions, and all scenarios remain possible.

Trading in CFDs involves high risk, and therefore all scenarios are subject to potential outcomes. The analysis provided above is not a recommendation to buy or sell but rather an illustrative reading of price action on the chart.

S1: 62.90	R1: 65.10
S2: 61.70	R2: 66.10
S3: 60.70	R3: 67.30