Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Crude oil futures prices achieved substantial gains, as we mentioned yesterday that oil might stop the bearish correction and start to recover the official bullish path, heading towards our awaited target 83.40, to record its highest level around the psychological barrier of 85.00.
Technically, with oil’s success in breaching the pivotal resistance-into-support level 83.40, in addition to the continuation of the RSI’s defense of the bullish trend over the short time intervals.
Therefore, the bullish scenario will remain valid and effective, knowing that trading above 85.00 is a catalyst that contributes to consolidating gains to visit 85.80 and 86.80, respectively.
In general, we expect the bullish trend to continue as long as trading is generally stable above 82.40.
| S1: 82.30 | R1: 85.50 |
| S2: 80.50 | R2: 86.80 |
| S3: 79.10 | R3: 88.60 |
