Oil Reiterating The Upside Chances

Positive trading returned to control the movements of US crude oil futures to post high at 42.12.

Technically, we tend to be positive, relying on the price consolidation above 41.40, in addition to positive momentum coming from the RSI.

Therefore, a bullish bias is likely today, targeting 42.30 then 42.70 respectively. Activating the bullish scenario depends on trading intraday above 41.40, and breaking it negates the bullish trend, we may witness a re-test of 40.70 levels before attempting to rise again.

S1: 41.40	R1: 42.30
S2: 40.85	R2: 42.70
S3: 40.20	R3: 43.20