Current price: 83.00
Key point: 81.50
Our preferred strategy: Buy positions above 81.50 with a first target of 85.00 and then a second target of 88.00.
Alternative scenario: Stop loss and trend reversal upon breaking the 80.30 level, targeting the 77.30 level.
Technical commentary
Oil approached the pivotal support levels of 81.50-80.30 with a 200 moving average on the four-hour timeframe and an upward trend line from the July low, with the price expected to resume its rise to the 85.00 levels and then the 88.00 levels.
