Noor Trends News, Technical Analysis, Educational Tools and Recommendations
WTI crude oil futures prices exhibited strong bullish momentum yesterday, successfully reaching our initial target of 81.50 and achieving a peak of $81.50 per barrel.
Technical Outlook:
The technical outlook remains bullish, with the 240-minute chart showing that simple moving averages (SMAs) are providing continuous support for the ongoing upward wave. Additionally, the 14-day momentum indicator is generating positive signals, further reinforcing the bullish sentiment.
Upward Potential:
With the current bullish momentum and sustained trading above 80.55, we anticipate further upside potential in today’s trading session. The initial target is set at 81.60, and a break above this level could propel the price towards 82.05 and 82.60.
Downside Risks:
However, traders should remain vigilant. A break below the 80.55 support level could trigger a temporary correction, potentially leading to a retest of the 80.00 level before any further attempts to rise.
Key Levels:
- Support: 80.55, 80.00
- Resistance: 81.60, 82.05, 82.60
Important Note:
The release of high-impact economic data today, including the services and manufacturing PMI indices from major economies, could induce significant price volatility. Traders should exercise caution and closely monitor the market’s reaction to these data 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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