Oil Needs Momentum to Rise

Positive moves dominated the futures prices of US crude oil with the beginning of trading this week, achieving strong gains, recording a high of 60.93.

Technically, and by looking at the 60-minute chart, we find the price is stable above the support level of 59.80, accompanied by the price continuing to receive positive signals from the RSI, in addition to the positive motivation of the 50-day moving average.

From here, we tend to be positive, provided that the breach of 60.75 is confirmed and that accelerates and confirms the strength of the daily bullish trend, targeting 61.30 and 61.65, respectively.

A reminder that the attempt to break the support level of 59.80 delays the bullish chances but does not cancel it, and we may witness a retest of 59.00 before attempting to rise again.

Note: The level of risk may be high today.

S1: 59.85	R1: 60.75
S2: 59.50	R2: 61.30
S3: 59.00	R3: 61.65