Oil Maintains Gains And Positivity Remains 5/1/2022

American crude oil achieved the first target required to be touched during the previous analysis at 77.00, recording its highest level of 77.62.

Technically, we find the price is moving above the 50-day moving average, coinciding with the positive signs of the 14-day momentum indicator and its stability above the 50 mid-line.

Therefore, the bullish scenario is the most preferred today, targeting 77.10 and 77.60, respectively, considering that trading above the latter increases the strength of the bullish trend, opening the door to visit 78.40, the initial target.

Activating the above-mentioned bullish scenario depends on the stability of daily trading above 75.75, and breaking it puts the price under negative pressure again to target 74.35.

Note: IEA report is due today

S1: 75.75	R1: 77.10
S2: 74.35	R2: 78.40
S3: 73.05	R3: 79.10