Oil Extends Its Gains 19/1/2022

Due to the high level of risks, we adhered to complete neutrality during the last trading session to find that US crude oil prices continue to achieve gains, recording the highest price of 86.40.

Technically, the positive motive coming from the 50-day moving average still supports the bullish price curve, accompanied by the continuation of oil prices obtaining positive signals from the momentum indicator due to stability above the mid-line 50.

The regularity of movement within the ascending price channel supports the possibility of the continuation of the current ascending wave due to the stability of trading above 84.80 and in general above 84.30, so it is possible to visit 86.80. Gains may extend towards 87.80 as long as the daily trading is stable above 84.30. The price must be carefully monitored around the mentioned level because breaking it leads To a temporary downside path to visit 83.00.

Note: Stochastic is trading around overbought areas.

Note: the level of risk is high.

S1: 84.30	R1: 86.80
S2: 82.80	R2: 87.80
S3: 81.85	R3: 89.25