Oil Looking For Confirmation

Mixed trades dominated US crude oil futures movements, nullifying the negative outlook, as we expected, in which we relied on trading stability below the resistance level of 44.70, indicating that breach of it will stop the bearish scenario, and we are witnessing a slight upward tendency targeting 45.20, posted high at 45.90.

Technically, the short intervals indicate the possibility of continuing the rise, with the price stabilizing intraday above the 44.70 / 44.60 resistance level, coinciding with the RSI stability above the 50 midline.

Therefore, we tend to be positive, but cautiously, targeting 46.00, bearing in mind that the breach of it leads the price to a straight upward path towards 46.80.

On the downside, trading again below 44.60 negates the bullish scenario, and oil will resume its decline heading to visit 44.15.

Warning: stochastic is still providing negative signals.

S1: 44.15	R1: 46.00
S2: 43.20	R2: 46.85
S3: 42.30	R3: 47.75