Current price: 99.50
Key point: 98.85
Our preferred strategy: Buy positions above 98.85 with a first target of 100.50 and then a second target of 102.75.
Alternative scenario: Stop loss and trend reversal upon breaking the 97.70 level, targeting the 95.00 level.
Technical commentary
Oil rose from support levels of 92.35-93.75, above the August upward trend line and the 200-period moving average on the four-hour timeframe. The price then broke through resistance levels of 97.80-98.85, and is expected to reach 100.50. If this level is breached, the price will then target 102.75.
