Current price: 89.50

Key point: 93.50
Our preferred strategy: Sell positions below 93.50 with a first target of 87.00 and then a second target of 85.00.

Alternative scenario: Stop loss and trend reversal upon breaking the 95.00 level, targeting the 99.00 level.


Technical commentary
Oil retested the pivotal resistance level of 93.50 below the 200-period moving average on the four-hour timeframe and then declined from there, with a further drop to the 87 level and then the 85 level expected.