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US crude oil futures prices compensated for losses that continued for two sessions in a row, recorded its lowest level near the psychological barrier of 75.00, returned to the bullish rebound and canceled the expected negative outlook. We indicated yesterday that any attempts to stabilize above 77.20 would immediately stop the bearish scenario. It was intended to retest 78.30, to record the highest of 78.96.
Technically, we notice that the price returned to stability above the 76.45 support level represented by the 38.0% Fibonacci correction, and the price is trying to move above the 50-day moving average, in addition to obtaining a bullish momentum signal on the short time frames.
We may witness a bullish bias in the coming hours to target 79.80, 23.60% Fibonacci correction before attempts to decline again. Note: the bullish bias does not contradict the bearish trend, whose price targets are around 73.65, as soon as the price is below the support level of 46.45.
Note: IEA oil stocks data is due today and may cause some volatility. Note: The risk level is High.
| S1: 76.45 | R1: 79.90 |
| S2: 73.65 | R2: 81.25 |
| S3: 72.60 | R3: 83.60 |
