Current price: 102.75
Key point: 101.35
Our preferred strategy: Buy positions above 101.35 with a first target of 105.15 and then a second target of 106.80.
Alternative scenario: Stop loss and trend reversal upon breaking the 98.70 level, targeting the 97.00 level.
Technical commentary
Oil managed to rise from an upward trend line from the low of last July, from another upward trend line from the low of this month, and from the 200-period moving average on the four-hour timeframe.
If the pivotal resistance level of 102.75 is breached, the price will head towards 105.15, and if it breaks through that level, oil will head towards 106.80.
