Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Yesterday, US crude oil futures saw a dominant upward trend, aligning with the anticipated trajectory and initiating an attack on the 74.55 resistance level. It’s emphasized that breaching this level is essential for the continuation of the upward movement.
From a technical standpoint, oil prices are striving to maintain positive stability, with the price holding steady above the support level of 72.55. The simple moving average continues to provide positive reinforcement, supporting the potential for further increases. However, the Stochastic indicator is indicating overbought conditions for the intraday.
In the coming hours, a bearish bias may be observed, targeting a retest of 72.60 before a potential upward movement resumes. It’s important to note that this bearish bias does not contradict the overall upward trend, with targets situated around 74.80 and 75.40 once the 74.55 resistance level is breached.
A breach below 72.50 has the potential to disrupt the upward trend entirely, leading oil prices into a bearish wave, with initial support located at 71.40.
Warning: The risk level is deemed high.
Warning: Heightened risk is associated with ongoing geopolitical tensions, potentially resulting in increased price volatility. Caution and prudent risk management are advised.
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: |