CL New York Oil Futures – Oil prices stabilized slightly, benefiting from short covering before the holiday

Oil prices rose on Friday as U.S. buyers covered positions ahead of the three-day Memorial Day weekend and amid concerns about the latest round of nuclear talks between U.S. and Iranian negotiators. U.S. crude futures closed at $61.53, up 33 cents, or 0.54%. Separately, U.S. President Donald Trump said on Friday he was proposing a direct 50% tariff on goods from the European Union starting June 1, saying the bloc had been difficult to deal with on trade.

As can be seen from the technical chart, the RSI and stochastic index are still rising, and oil prices have been trading sideways for a long time in recent days. If it can clearly break through the recent top of $64, it is estimated that the development of a new wave of upward trend will be further consolidated. The subsequent resistance level is expected to be the 65 mark, which failed to break through clearly in late April, and further to 66.90; another key is the 200-day moving average, which failed to break through last month's high, currently at US$69.50. The nearest support is at $60 and $59, and the next level is at $57.70 and $55.30.

Estimated range:
Resistance 64.00 – 65.00 – 66.90 – 69.50
Support 60.00* – 59.00 - 57.70 – 55.30

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