Current price: 81.30
Key point: 80.00
Our preferred approach: Buy positions above 80.0 with a first target of 84.40 and then a second target of 88.00
Alternative scenario: Stop loss and trend reversal upon breaking the 77.40 level, targeting the 72.50 level.
Technical commentary
Oil reached strong support levels of 80.00 while holding above the 200 moving average on the four-hour timeframe and the upward trend line of the current month, so it is expected to resume its rise to levels of 84.40 and then levels of 88.00.
