Oil may extend its gains 2/11/2022

As we expected during the previous analysis, an upward trend dominated US crude oil’s performance yesterday, touching the first required target at 89.50, recording its highest level at 89.74.

Technically, we tend to trade positively but cautiously, relying on the positive motive from the simple moving average and the positive momentum signals on the short time frames.

Therefore, with daily trading remaining above the strong support floor 87.00, chances of rising remain valid to visit 90.00, the first target, considering that its breach increases the strength of the daily bullish trend, opening the door towards 90.90 and 92.20.

Note: Investors will monitor the central bank’s statement and Fed Chair Jerome Powell’s press conference. They have

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: 87.10	R1: 90.90
S2: 84.60	R2: 92.20
S3: 83.30	R3: 94.70