Oil exceeds goals and positivity remains 7/11/2022

Strong gains dominated US crude oil futures prices within the expected bullish context, surpassing the required targets at 90.75 and recording the highest level at 92.80.

Technically, the simple moving averages support ascending, accompanied by positive signs from the RSI stable above the 50 mid-line.

From here and steadily trading above the strong support floor at 90.20 and most importantly 89.80, the bullish trend is most likely during the day, targeting 93.00 first target, and gains may extend later towards 63.60 unless we witness any trading below 89.80.

Note: Stochastic is about overbought areas on an intraday basis.

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: 88.65	R1: 93.60
S2: 85.75	R2: 95.70
S3: 83.70	R3: 98.60