Current price: 102.90
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 100.30 level, targeting the 99.60 level.
Technical commentary
Oil is holding above the key support level of 101.35, above the upward trend line from the current month's low, and above the 200-period moving average on the four-hour chart. A break above the resistance level of 103.15 would target 105.15, and a further break above that would target 106.80.
