Current price: 102.90
Key point: 100.80
Our preferred strategy: Buy positions above 100.80 with a first target of 105.60 and then a second target of 106.80.
Alternative scenario: Stop loss and trend reversal upon breaking the 99.35 level, targeting the 97.00 level.
Technical commentary
Oil is holding above the key support level of 100.80, above the upward trend line from the current month's low, and above the 200-period moving average on the four-hour timeframe. A break above the resistance level of 103.15 is expected to target 105.60 and then 106.80.
