Home / Technical Analysis / Daily Technical Analysis / Oil Starts The Week on Positive Side
OIL, Crude, Technical Analysis

Oil Starts The Week on Positive Side

Futures prices opened their weekly trading with bullish bias, consolidating above the psychological barrier of $ 40.00.

Technically, we tend to be positive, given the positive signs that began to appear on the RSI, settling above the 50 midline, in addition to the positive stimulus coming from the 50-day moving average, in addition to the features of the bullish technical structure shown on the chart.

Thus, a bullish bias will be likely today targeting 41.00 / 40.90 as a first target, bearing in mind that trading above 41.00 is extending gains to pave the way towards 41.70.

Only below 40.00, chances of incline will be postponed to witness a bearish slope targeting 39.20 before rising again.

S1: 40.00                R1: 40.95   
S2: 39.70   R2: 41.30   
S3: 39.20   R3: 41.70    

Check Also

Oil to be monitored 21/2/2025

U.S. crude oil futures continued their upward momentum for the third consecutive session, reaching a …