Oil Renew Chances to Gain

US crude oil futures prices managed to achieve the expected positive outlook, touching the second target of the previous report, located at 40.25, to post its highest level at 40.46.

Technically, we tend to be positive in today’s trading, depending on the stability of trading above the resistance level of 39.45, which is accompanied by the positive signals of the 50-day moving average. Thus, a bullish bias is likely today, knowing that trading above 40.55 is extending oil’s gains, so we are waiting for 41.10 as a first target, and gains may extend later towards 41.70.

A reminder that the activation of the suggested bullish scenario depends on remaining above 39.45, and trading below it is able to negate the daily bullish trend, and we may witness negative pressure, with initial target 38.75.

S1: 39.40	R1: 40.55
S2: 38.75	R2: 41.10
S3: 38.20	R3: 41.70