Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures prices managed to continue achieving gains within the expected positive outlook, exceeding our official target of 73.30, to succeed in recording its highest level at 73.64.
Technically, we find that oil is still working within an ascending price channel. The positive motive supports this for the 50-day moving average, accompanied by the positive signs of the RSI and its stability above the mid-line 50.
Although we expect the rise to continue, we prefer to confirm breaching the resistance level 73.60 to enhance the chances of a surge towards 74.10, a first target, and then 75.00 next official station.
If oil fails to breach the mentioned resistance, we should pay close attention and return to trading below 72.10. This will postpone the idea of resuming the rise, and we will witness a bearish slope that aims to retest 70.00 before rising again. Note: the level of risk is high.
| S1: 72.10 | R1: 74.10 |
| S2: 70.80 | R2: 74.90 |
| S3: 70.00 | R3: 76.15 |
