Current price: 97.50
Key point: 92
Our preferred strategy: Buy positions above 92 with a first target of 101 and then a second target of 106.
Alternative scenario: Stop loss and trend reversal upon breaking the 91.10 level, targeting the 87 level.
Technical commentary
Oil is holding above the 200-period moving average on the four-hour timeframe and above the key support levels of 91-92. If it breaks through the important resistance level of 98, oil will then head towards the 101 level and then the 106 level.
