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Current price: 76
Key point: 73
Our preferred strategy: Buy positions above 73 with a first target of 78 and then a second target of 80.
Alternative scenario: Stop loss and trend reversal upon breaking the 72 level, targeting levels of 69.
Technical commentary
Oil is moving in a strong upward trend above the key support level of 70.00 and above the 200-period moving average on the four-hour timeframe.
If it holds above 73.00, oil is expected to reach 78.00 and then 80.00.
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