Oil touches the bullish target and the positivity remains 8/2/2023

US crude oil futures prices jumped to achieve noticeable gains within the expected upward path during the previous report, surpassing the required retest target of 76.60, recording a high of $77.55 per barrel.

Technically, we continue to suggest the bullish daily direction, relying on the positive impulse coming from the simple moving averages that continue to hold the price from below, in addition to the clear positive momentum on the 14-day momentum indicator on the short-term frames.

Therefore, with the stability of intraday trading above the resistance of 76.50, and in general above 76.00, the bullish bias is most likely during the day, knowing that breaching 78.00 is a catalyst that increases and accelerates the strength of the bullish trend, opening the door to visit 78.40 & 79.00.

The price’s decline below 76.00 increases the possibility of retesting 75.20 before renewing the chances of rising again.

Note: Today, we are awaiting the report issued by the International Energy Agency regarding oil stocks, and we may witness high price volatility.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 75.20	R1: 78.40
S2: 73.20	R2: 79.50
S3: 72.10	R3: 81.50