Current price: 95.40
Key point: 93.70
Our preferred strategy: Buy positions above 93.70 with a first target of 98.30 and then a second target of 101.60.
Alternative scenario: Stop loss and trend reversal upon breaking the 92.15 level, targeting levels of 89.25.
Technical commentary
Oil is moving in a strong upward trend, above a key trend line from the July low and another upward trend line from last month, and above the support level of 93.70.
The price is expected to continue this strong upward trend, with the first target being the 98.30 level, and then, if it breaks through to the upside, it will reach the 101.60 level.
