Current price: 93.35
Key point: 95
Our preferred strategy: Sell positions below 95 levels, targeting 88 as the first target and then 85 as the second target.
Alternative scenario: Stop loss and trend reversal upon breaking the 96.20 level, targeting the 99 level.
Technical commentary
After rising from the support level of 85.50, oil reached the pivotal resistance levels of 95-96.20, which coincide with the 200-period moving average on the four-hour timeframe. If oil remains below 93.50, it is expected to reach levels of 88 and then 85.
