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Current price: 81.70
Key point: 80.20
Our preferred approach: Buy positions above 80.20 with a first target of 84.35 and then a second target of 88.00
Alternative scenario: Stop loss and trend reversal upon breaking the 77.00 level, targeting the 75.00 level.
Technical commentary
Oil reached the support level of 80.25, with an upward trend line from the current month's low, suggesting a potential rebound to 84.35 and then 88.00.
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