Oil: The Bullish Scenario Still Valid

US crude oil futures prices achieved noticeable gains during the previous trading session, recording a high of 63.80.

Technically, the simple moving averages are still holding the price from below, in addition to the intraday trading stability above 62.30 support.

Consequently, the bullish scenario will remain valid and effective targeting 63.55 and then 63.80 respectively, knowing that confirming the recent breakout extends oil’s gains, opening the way to attack 64.30 areas.

A reminder that the attempt to break 62.30 delays the bullish scenario, but does not cancel it, and we may witness a bearish bias targeting 61.80 before attempting to rise again.

S1: 62.30	R1: 63.55
S2: 61.80	R2: 64.30
S3: 61.05	R3: 64.80