Oil Posts Noticeable Gains

US crude oil futures achieved targets mentioned in the last analysis at 39.20, posting a high of 39.23.

Technically, the price successfully surpassed to the upside and rose above the previously broken resistance level at 37.50, as well as the positive motive from the 50-day moving average.

All of this encourages us to maintain our positive view, but cautiously, targeting 39.80. Should also pay attention to touching the aforementioned level, because the breach of 39.80 will accelerate and increase the strength of the bullish trend, so we are waiting for 40.30.

Only from below, a return to stability below 37.50 is able to completely negates the bullish scenario and put the price under strong negative pressure, its first target 36.10.

Warning: The level of risks is high and all scenarios are on the table in light of the market’s anticipation of the results of the US elections.

S1: 37.50	R1: 39.50
S2: 36.35	R2: 40.35
S3: 35.50	R3: 41.45