Current price: 92
Key point: 90
Our preferred strategy: Buy positions above 90 with a first target of 98 and then a second target of 112.
Alternative scenario: Stop loss and change direction by breaking the 88 level, targeting the 80 level.
Technical commentary
Oil is still trending upwards after rising from the key support levels of 77-80 above the 200-day moving average on the four-hour timeframe.
After breaking through the resistance level of 90, oil is expected to continue its upward trend, reaching levels of 98 and then 112.
