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Current price: 92
Key point: 85
Our preferred strategy: Buy positions above 85 with a first target of 100 and then a second target of 112.
Alternative scenario: Stop loss and trend reversal upon breaking the 83 level, targeting the 75 level.
Technical commentary
Oil managed to rise from the pivotal support levels of 85-83 and above the 200-period moving average on the four-hour timeframe. If it breaks through the 93 level, oil will then head towards the 100 level and then the 112 level.
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