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During the previous trading session, US crude oil futures prices experienced significant gains as they breached the 78.50 level, advancing towards the upward target of 80.30, reaching a peak of $80.65 per barrel.
Technically, we maintain a bullish stance, albeit cautiously, relying on the stability of oil prices above the 78.50 resistance level. Additionally, the support from simple moving averages, coupled with positive signals from the Relative Strength Index, further reinforces the upward momentum.
Consequently, the prevailing bias for today’s trading session is upward, with a target set at 80.50. It’s worth noting that surpassing this level could trigger a strong upward surge, leading us to anticipate a move towards 80.90, with potential gains extending later towards 81.70.
Conversely, if trading stability returns below 78.50, temporary downward pressure may emerge, aiming for a retest of 77.80 before determining the next price direction.
It’s essential to exercise caution today as we await high-impact economic data releases from both the Eurozone and the United States. This includes the Eurozone’s interest rate and monetary policy statement from the European Central Bank, as well as the press conference by the ECB. Additionally, we anticipate the testimony of the Chairman of the Federal Reserve from the United States, which could prompt significant price fluctuations upon release.
Moreover, amidst ongoing geopolitical tensions, the level of risk remains elevated, potentially resulting in heightened price volatility. It’s prudent to approach trading with caution in such an environment.
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.
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