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US crude oil futures prices experienced mixed trading in the previous session, encountering resistance at the 83.90 level and failing to break through. However, the price remains within the bullish context and is supported by the 50-day simple moving average around 82.50.
Technical Outlook:
On the 4-hour chart, the price is consolidating below the 83.90 resistance, but the 50-day SMA is acting as a support around 82.50. The 14-day momentum indicator suggests a potential for continued upward momentum.
Upward Potential:
The bullish trend is likely to resume if the price can break above the 83.90 resistance level. This would open the door for further gains towards 84.20, followed by 84.75. A break above 84.75 could extend the rally towards 85.20.
Downside Risks:
However, traders should remain cautious as a break below 82.90 could trigger a temporary correction, targeting 81.95 and 81.50 before a potential resumption of the uptrend.
Key Levels:
- Support: 82.90, 82.50, 81.95, 81.50
- Resistance: 83.90, 84.20, 84.75, 85.20
Important Note:
The release of high-impact U.S. economic data today, including non-farm payrolls, unemployment rate, and average hourly earnings, could induce significant price volatility. Traders are advised to 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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