Current price: 100.85
Key point: 100.00
Our preferred strategy: Buy positions above 100.00 with a first target of 104.75 and then a second target of 106.80.
Alternative scenario: Stop loss and trend reversal upon breaking the 98.85 level, targeting the 95.75 level.
Technical commentary
Oil prices fell in a corrective move after signs of renewed supply from the Middle East following a temporary halt.
The price reached the upward trend line from August and is near the support levels of 100.00-98.85, so it is expected to resume its upward movement to reach levels of 104.75 and then levels of 106.80.
