Oil Trying Towards Positivity

US crude oil futures prices witnessed mixed trades during the last trading sessions of the week ending, with current trades settling around 41.00.

Technically, by looking at the 60-minute chart, we find the price is stable above the support level of 40.60 / 40.55, as we find the 50-day moving average trying to hold the price. Today, we tend to be positive, provided that the breach of 41.20 is confirmed, which enhances the chances of the rally to visit 41.70, an initial target, then 42.20.

Return of trading below 40.50 will immediately stop the current bullish attempts and put the price under negative pressure with target lies around 39.50 and extend to 39.00 before attempts to rise again.

Warning: the level of risk may be high and not commensurate with the expected return.

S1: 40.45	R1: 41.30
S2: 39.95	R2: 41.70
S3: 39.50	R3: 42.20