Noor Trends News, Technical Analysis, Educational Tools and Recommendations
WTI crude oil futures prices surged yesterday, marking the third consecutive week of gains and reaching our previously identified target of 82.90, ultimately peaking at $83.60 per barrel.
Technical Outlook:
The technical outlook remains strongly bullish. The 4-hour chart reveals continued support from the simple moving averages (SMAs) for the upward price movement, and a solid support base has formed around the 82.00 level.
Upward Potential:
A break above the 83.60 level would likely accelerate the upward trend, with the potential for the price to reach 84.25 as the next target, followed by 85.00.
Downside Risks:
Traders should remain cautious, however, as a failure to consolidate above 82.00 could trigger a temporary pullback to 80.70.
Key Levels:
- Support: 82.00, 80.70
- Resistance: 83.60, 84.25, 85.00
Important Note:
The release of high-impact U.S. economic data today, including job vacancies and labor turnover rate, along with a speech by the Federal Reserve Chairman, could induce significant price volatility. Traders should exercise caution and closely monitor the market’s reaction to these news releases.
Disclaimer: Trading in CFDs carries inherent risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for WTI crude oil.
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