Current price: 83.70

Key point: 82.80
Our preferred strategy: Buy positions above 82.80 with a first target of 85.00 and then a second target of 86.60.

Alternative scenario: Stop loss and trend reversal upon breaking the 81.60 level, targeting the 79.00 level.


Technical commentary
Oil is holding above the 200-period moving average on the four-hour timeframe and above the key support level of 82.80, suggesting a continued rise to 85.00, and a break above that level could target 86.60.