US crude oil futures attempted a mild recovery from recent losses, reaching an intraday high of $59.02.
Technical Outlook – 4-Hour Timeframe
Oil prices continue to trade under notable bearish pressure, remaining below the 50-day simple moving average, which is acting as a firm resistance. Price action also continues to move along a descending trendline, reinforcing the downward bias.
Meanwhile, the RSI has begun to issue negative signals relative to the recent price movement, indicating the possibility of a bearish divergence.
Most Likely Technical Scenario
As long as prices remain below the $59.20 resistance area, the bearish trend continues to dominate. A break below $58.20 would likely open the way toward $57.70, with further downside potential extending to $57.10.
However, if the price manages to hold above $59.30, this scenario would be invalidated, potentially triggering a temporary bullish move toward $59.90.
Warning
Important U.S. economic data is expected today, particularly the monthly and annual Producer Price Index (PPI), which could lead to heightened volatility around the time of release.
Risk Disclaimer
Market risk remains high amid persistent trade and geopolitical tensions, and multiple scenarios remain possible.
Trading in CFDs involves high risk, and therefore all scenarios are subject to potential outcomes. The analysis provided above is not a recommendation to buy or sell but rather an illustrative reading of price action on the chart.
| S1: 57.70 | R1: 59.30 |
| S2: 56.80 | R2: 59.95 |
| S3: 56.15 | R3: 60.85 |
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