Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures prices managed to maintain the bullish path, as we expected, touching the first target published in the previous analysis, at 74.15, to post the highest level at 74.45.
Technically, we believe that the bullish trend is still valid, relying on the positive signals coming from the RSI and its gaining more bullish momentum, in addition to stabilizing the price above the resistance level of 73.45 and now turning it into a support level. Therefore, confirming the breach of 74.45 extends oil’s gains towards 74.80, a first target, and its breach is a catalyst that enhances the chances of achieving extended gains towards 75.30.
To remind that activating the bullish scenario depends on the stability of daily trading above 73.45, and breaking it puts the price under negative pressure, with initial targets around 72.65.
| S1: 73.45 | R1:74.80 |
| S2: 72.65 | R2: 75.30 |
| S3: 72.05 | R3: 76.10 |
