Oil Re-Test support With an Attempt to Rise

The movements of US crude oil futures witnessed a bearish tendency during the previous session, after several successive sessions of rising to post session low during early trading at 39.00.

Technically, despite the current bearish tendency, stability above 39.20 / 39.00 still favors a return to the upside, accompanied by the stochastic entering the oversold phase.

From here, we tend to be positive in our trading, targeting 39.80 / 39.90 as initial targets, noting that the price stability above the aforementioned level enhances the chances of an upside for 40.25 and then 40.70, respectively.

Activating the suggested scenario depends on trading remaining above 39.00, and breaking it negate the bullish scenario and puts the price under negative pressure with initial target of 38.60 and extends to 38.20.

S1: 38.65	R1: 40.25
S2: 38.15	R2: 41.10
S3: 37.30	R3: 41.70