Current price: 87.43
Key point: 84.55
Our preferred direction: buy positions at the highest levels of 84.55, targeting 89 as the first target, then 93 as the second target.
Alternative scenario: stop loss and change the trend by breaking 84.55, targeting 82.90
Technical commentary
Oil prices are moving in an upward direction on the daily time frame within a price channel from the bottom of last June, breaching the resistance levels 82.95-84.55.
Some downward correction in prices is expected to reach the aforementioned resistance levels that turned into support, touching the lower border of the ascending channel, and then continuing the rise to 93.25 levels.
