Oil Keeps Gains

US crude oil futures prices jumped to achieve strong gains, surpassing the second target to be achieved last Friday, located at 52.00, posting 52.70.

Technically with the success of the price in confirming the breach of the resistance level of 51.60, which has now been converted into a support level, in addition to the stability of the RSI indicator above the midline of 50.

Therefore, the bullish bias is likely today, provided that the breach of 52.75 is confirmed, which is a catalyst that enhances the chances of the upside towards 53.60 The first goal, and the gains may extend later towards 54.00.

From the bottom, the return of trading stability and stability below 51.30 negates the activation of the suggested bullish scenario, and we may witness a bearish tendency aimed at re-testing 50.90 and from 50.00 before resuming the rise again.

Note: stochastic tends to be intraday negative.

S1: 50.90	R1: 52.75
S2: 50.00	R2: 53.65
S3: 49.10	R3: 54.60