Current price: 96.85
Key point: 95.50
Our preferred strategy: Buy positions above 95.50 with a first target of 99.80 and then a second target of 102.80.
Alternative scenario: Stop loss and trend reversal upon breaking the 95.00 level, targeting the 92.50 level.
Technical commentary
Oil managed to break through the pivotal resistance level of 95.50 and hold above it after retesting the downtrend line from last month's peak and settling above the ascending trend line from the July low. The price is expected to continue its upward movement to 99.80, and if it breaks through that level, it will head towards 102.80.
