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Current price: 94.30
Key point: 93.65
Our preferred strategy: Buy positions above 93.65 with a first target of 97.80 and then a second target of 102.75.
Alternative scenario: Stop loss and trend reversal upon breaking the 92.35 level, targeting levels of 89.50.
Technical commentary
Oil reached key support levels of 92.35-93.65 near the 200-period moving average on the four-hour timeframe, with a potential rebound to 97.80. A break above this level could then target 102.75.
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