Current price: 88.40
Key point: 87.00
Our preferred strategy: Buy positions above 87.00 with a first target of 90.00 and then a second target of 92.50.
Alternative scenario: Stop loss and trend reversal upon breaking the 86.00 level, targeting 84.90 levels.
Technical commentary
Oil managed to rise from the 200-period moving average on the four-hour timeframe, breaking through resistance levels of 84.90 and then 87.00.
If the price breaks through the 88.60 level and holds above it, it will then head towards the 90.00 level, and if it breaks through that level, it will head towards the 92.40 level.
