Oil technical levels to take into consideration:
- Closing price: 64.07
- Target price: None at the moment
- Resistance levels: 64.16, 64.53+, 65.60-66.00
- Support levels: 63.07, 62.68* (20-EMA) , 61.48*
- Trend: Up / Bullish
- Trend reversal price: 61.48
REMARKS:
- Oil has tested 10-EMA successfully and hasn't closed below it since the bull run.
- Daily RSI peeked to 82 level, at the moment 73 which suggests a sideways flat market and opens a potential for some corrections downward in the coming sessions, but the up trend will be sustained as long as daily price does not close below 62.68*.
- A close below 62.68* hints that oil price will attack 61.48*
- The momentum of the drive should prevent setbacks under Friday's low to maintain strong bull forces. A roll off through 62.98 is negative and warns for a multi-day correction.
- Oil has reached the upper black channel boundaries which is considered a rising resistance trend line on daily chart.