Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures posted notable gains during the previous session, aligning with the positive outlook outlined in the prior report. The price reached the official target of 73.00, recording a high of $73.69 per barrel.
Technical Outlook:
The technical indicators continue to favor a bullish bias. The simple moving averages provide ongoing positive momentum, complemented by bullish signals from the 14-day momentum indicator.
As long as daily trading remains above the key support level of 72.10, the upward trend is expected to dominate. A decisive breach of the 73.60 resistance level will likely strengthen and accelerate the bullish momentum, paving the way for targets at 74.00 and 74.80, with potential gains extending further to 75.30.
Alternative Scenario:
If the price fails to break through the 73.60 resistance level, the bullish scenario may be delayed. In this case, a retest of 72.10 could occur before the market resumes upward attempts.
Risk Considerations:
Amid heightened geopolitical tensions, market volatility remains high. Traders should remain vigilant, as all scenarios are possible.
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. This market’s risk level remains high, particularly due to ongoing geopolitical tensions, which could result in heightened price fluctuations.
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