Current price: 87.30
Key point: 87.00
Our preferred strategy: Buy positions above 87.00 with a first target of 89.50 and then a second target of 92.50.
Alternative scenario: Stop loss and trend reversal upon breaking the 85.00 level, targeting the 81.00 level.
Technical commentary
Oil is moving above an upward trend line from the current month's low and above the 200 moving average on the four-hour timeframe, and above the pivotal support levels of 84.90-87.00.
The price is expected to continue rising to levels of 89.50 and then to levels of 92.50.
