Noor Trends News, Technical Analysis, Educational Tools and Recommendations
WTI crude oil futures prices experienced notable gains yesterday, reaching our previously identified target of 78.80 and peaking at $79.28 per barrel.
Technical Outlook
We maintain a cautiously bullish outlook, supported by the positive influence of the 50-day simple moving average and the price holding above the crucial 77.60 support level. These factors suggest the potential for further upward movement.
Upside Targets
A break above 79.00 would strengthen the bullish momentum, opening the door for a move towards 79.85 and potentially 80.40.
Downside Risks
However, traders should remain cautious as a break below 77.60 could trigger a reversal, potentially leading to a decline towards 77.00 and even 76.30.
Important Note
The release of high-impact U.S. economic data today, including annual producer prices and basic monthly/annual producer prices excluding energy and food, could induce significant price volatility. Additionally, ongoing geopolitical tensions further elevate the risk level, potentially resulting in sharp price fluctuations.
Key Levels:
- Support: 77.60
- Resistance: 79.00
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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