Current price: 85.30
Key point: 84.90
Our preferred strategy: Buy positions above 84.90 with a first target of 87.00 and then a second target of 89.60.
Alternative scenario: Stop loss and trend reversal upon breaking the 83.50 level, targeting the 80.30 levels.
Technical commentary
Oil is holding above the 200-period moving average on the four-hour timeframe, above the support level of 84.90, and above the ascending trend line. The price is expected to continue its upward movement to the 87.00 level, and if this level is breached, it will then target the 89.60 level.
