Current price: 70
Key point: 70
Our preferred direction: Buy positions above 70 levels with 72 as a first target and then 74 as a second target.
Alternative scenario: Stop loss and change the trend by breaking the 70 level, targeting the 66 level.
Technical commentary
Oil is moving in a downward direction on the 4-hour frame from the current month's high from the resistance levels of 78.85 until it reached the ascending trend line from the current month's low.
In case of a breakout and stability above the 72.00-72.45 levels and above the 200-day moving average, oil will head towards the 76.50 levels.
