Oil achieves the goals and expands its gains 30/8/2022

US crude oil prices continue to achieve gains within the targeted upward path, bypassing the official station required to be touched during the report issued yesterday at 96.40, recording its highest level of 97.36.

Technically, we find that the simple moving averages continue to provide a positive stimulus that supports the chances of a rise, in addition to the success of oil prices in establishing a good demand area near 94.70.

The bullish scenario is still valid and effective, provided that we witness a clear and strong breach of the 97.40 resistance level, and that increases and accelerates the strength of the bullish trend, so we are waiting for 98.55, a first target, and oil gains may extend to touch $100.50 per barrel.

Continuation of the rise during today’s session depends mainly on the price stability above 94.70, and breaking it will postpone ​​the rise and put the price under temporary negative pressure targeting 93.60.

Note: Stochastic is around overbought intraday areas, and we might witness some fluctuation before resuming the official course of the session.

Note: The US “Consumer Confidence” index is scheduled to be released later in today’s session and it has an important impact and we may witness price fluctuations.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 93.55	R1: 98.55
S2: 90.40	R2: 100.50
S3: 88.45	R3: 103.65