Current price: 91.30
Key point: 88
Our preferred strategy: Buy positions above 88 with a first target of 95 and then a second target of 100.
Alternative scenario: Stop loss and trend reversal upon breaking the 86 level, targeting the 80 level.
Technical commentary
Oil is moving in an upward direction, above the 200-period moving average on the four-hour timeframe and above the pivotal support levels of 88-90, and above the upward trend line from last month's low. A rise to the 95 level and then the 100 level is expected.
