Oil is trying to make up for the losses 29/11/2022

US crude oil futures prices found a support level of around 73.85, which forced the price to rebound bullishly to temporarily reverse the expected bearish trend, recording a high of 78.15 during the morning trading of the current session.

Technically, the positive signals from the stochastic indicator, stimulated by the positive signals from the RSI on the short time frames, increase the possibility of a bullish bias during the coming hours.

From here, with daily trading remaining above 77.10, we may witness a bullish bias, aiming to retest the previously broken support, which turned it into a resistance level at 79.10, and breaching it might enhance the chances of rising towards 79.80.

Note: The level of risk is high.

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: 75.10	R1: 79.60
S2: 72.10	R2: 81.10
S3: 70.55	R3: 84.10