Oil may form a bullish attack 29/6/2023

A noticeable bullish rebound in the prices of US crude oil futures contracts, after it succeeded in touching the bearish target required to be achieved during the previous report at 67.70, to witness the current movements seeing an upward trend, as oil prices hover around the psychological barrier of $69.00.

Technically, we find the price stable above the resistance of 68.70, and we find the relative strength index trying to gain more bullish momentum, accompanied by stochastic attempts to eliminate the current negativity.

We tend to be positive in our trades, but with caution, targeting 70.15/70.10 as a first target, knowing that confirming the breach of the first target level enhances the chances of forming a bullish attack to retest 71.20.

Closing the hourly candlestick below 68.70 can thwart the bullish scenario, and the bearish trend will regain control over oil movements, touching 67.60 & 67.00 as initial targets.

Note: Today we are awaiting high-impact economic data issued by the US economy “Quarterly Gross Domestic Product”, and we may witness high volatility at the time of the news release.

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: 67.60	R1: 70.15
S2: 66.00	R2: 71.20
S3: 65.00	R3: 72.70