Current price: 63.60
Key point: 62.00
Our preferred strategy: Buy positions above 62.00 with a first target of 65.00 and then a second target of 66.50.
Alternative scenario: Stop loss and trend reversal upon breaking the 61.00 level, targeting the 60.00 level.
Technical commentary
Oil is moving upwards from last month's low, above the 200-period moving average on the four-hour timeframe and above the 62.00 support level.
If the resistance level of 63.50 is broken and the price holds above it, it will then head towards the 65.00 level and then the 66.50 level.
