Noor Trends News, Technical Analysis, Educational Tools and Recommendations
US crude oil futures prices reached our previously identified target of 84.20, peaking at $84.35 per barrel, before experiencing a slight pullback to retest the 83.00 level.
Technical Outlook:
Despite the recent correction, the technical outlook remains bullish. The 240-minute chart reveals that the simple moving averages (SMAs) are still providing support for the upward price movement, encouraging us to maintain our positive expectations.
Upward Potential:
The upward trend is likely to continue, provided that the price breaks above the 83.90 resistance level. This would pave the way for a move towards 85.00, followed by 85.70.
Downside Risks:
However, traders should remain cautious as a failure to consolidate above 82.50 could lead to a temporary correction, potentially targeting 80.90.
Key Levels:
- Support: 82.50, 80.90
- Resistance: 83.90, 85.00, 85.70
Important Note:
The release of the U.S. ADP Non-Farm Employment Change report today could induce significant price volatility. Traders are advised to closely monitor the market’s reaction to this high-impact economic data.
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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