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Current price: 103
Key point: 100
Our preferred strategy: Buy positions above 100 with a first target of 107 and then a second target of 113.
Alternative scenario: Stop loss and trend reversal upon breaking the 98 level, targeting the 95 level.
Technical commentary
Oil is moving upwards from its April lows, above the $95-$100 support levels and the 200-period moving average on the four-hour timeframe. Further gains are expected, targeting $107 and then $112.
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