Oil may resume rising 13/7/2023

Futures prices achieved good gains during the previous trading session within the expected bullish context, surpassing the first target that should be touched at 75.60 to record its highest level at $76.11 per barrel.

The technical outlook remains unchanged; we are positive depending on the price’s consolidation in general above the strong support floor located at 73.80./73.90, accompanied by the Simple Moving Averages’s positive impulse, accompanied by positive momentum signs.

From here, the bullish bias is the most favorable during today’s session. Confirmation of the breach of 76.10 is a catalyst factor that increases and accelerates the strength of the bullish trend to target 76.60 as a next target, and extends to visit 77.00, noting that the breach of the latter extends the gains, to be waiting for touching 77.80. It must be noted that trading below 75.10 leads Crude oil prices to turn lower again towards 73.80, 50.0% retracement.

Note: Today we are waiting for high-impact economic data issued by the US economy, “US inflation data, producer price index” from England, and we are waiting for “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: 75.10	R1: 76.50
S2: 74.20	R2: 77.00
S3: 73.70	R3: 77.85