Current price: 78.15
Key point: 79.15
Our preferred direction: Buy positions above 79.15 levels with 82.90 as a first target and then 84.55 as a second target.
Alternative scenario: Stop loss and change the trend by breaking the 79.15 level, targeting the 71.15 levels.
Technical commentary
Oil is moving in an upward direction within a price channel from the bottom of last December after breaking a downtrend from last November and forming a harmonic BAT pattern from the support levels of 67.25-68.90.
In case of breaking and stability above 79.15, the price will head towards 82.95-84.55 levels.
