Current price: 89.21
Key point: 93.20
Our preferred direction: sell positions below 93.20 levels, targeting 87.50 as the first target, then 84.55 as the second target.
Alternative scenario: stop loss and change the trend by breaking 93.20, targeting 94.90
Technical commentary
Oil is moving in an upward direction on the daily time frame in an ascending price channel from the bottom of last July
It is currently falling from the upper border of the price channel near the pivotal resistance levels 93.25-94.85.
Some downward correction is expected for oil to the levels of 87.50, and if it is broken downwards, it will head to the next support levels at 82.95-84.55.
