Noor Trends News, Technical Analysis, Educational Tools and Recommendations
We stayed on the fence in the previous analysis due to the conflicting technical signals as buying positions depend on the stability of trading above 81.70, which leads oil to achieve initial gains that start at 82.20 to record its highest level of 82.65.
The technicals today indicate the possibility of resuming the upside, and the oil price may announce the halt of the bearish correction, as a result of the positive motive of the 50-day moving average, in addition to stabilizing trading above the previously breached resistance-into-support at 80.70.
Therefore, the bullish scenario is most likely today, but with caution, targeting 82.50 the first target, knowing that breaching the mentioned level can enhance chances of rising towards the main resistance, which is one of the essential directional keys for the current levels 83.40/83.30.
A breach below 80.70 can stop the above-suggested scenario and put the oil price under negative pressure again, with a target of 79.80.
Note: The risk level is high.
| S1: 81.10 | R1: 82.50 |
| S2: 80.55 | R2: 83.40 |
| S3: 79.80 | R3: 83.90 |
