Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The downward trend continues to dominate U.S. crude oil futures, with intraday price action stabilizing near the recent low of $65.22.
Technical Outlook – 4-Hour Timeframe:
Oil remains under consistent selling pressure. A closer look at the chart shows that the 50-period Simple Moving Average (SMA) continues to act as a strong dynamic resistance around $66.10, reinforcing the bearish bias. Additionally, the Relative Strength Index (RSI) is displaying clear negative signals, further supporting the continuation of the downward momentum.
Most Likely Scenario – Bearish Continuation:
As long as the price remains below the $66.10 resistance level, the downtrend is expected to persist. A confirmed break below the $65.00 support level would likely accelerate losses, targeting:
- $64.70 as the initial support
- Followed by $64.25 as the next key level
Alternative Scenario – Short-Term Recovery:
If the price manages to break above $66.10 and hold, this could temporarily relieve the selling pressure, leading to a recovery attempt with near-term targets at:
- $66.40, followed by
- $66.80
Market Catalyst:
Traders should prepare for heightened volatility today as markets await Federal Reserve Chairman Jerome Powell’s speech. His remarks could significantly impact risk sentiment and dollar-related assets, including oil.
Caution:
Risk levels remain high due to persistent geopolitical and trade tensions. All outcomes are possible, and effective risk management is crucial.
Caution: In the context of ongoing global trade tensions and broader economic uncertainty, volatility may remain elevated. Manage risk accordingly, as all outcomes remain on the table.
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