Oil is making remarkable gains 23/12/2022

Positive trading dominated the prices of US crude oil futures contracts yesterday, achieving remarkable gains, reaching $79.87 per barrel.

Technically, by looking at the 4-hour chart, the price continued to receive a positive sign from the simple moving averages that support the daily bullish price curve, in conjunction with the positive signals coming from the relative strength index on the short timeframes.

From here, and with regular movements within the bullish price channel, the bullish bias is most likely during today’s session, targeting 79.75 as the first target, knowing that its breach is a catalyst that enhances the chances of touching 80.50, and then 81.20 as a next station, unless we witness any trading and price stability below 77.60.

Note: Stochastic is trying to get rid of the current negativity, and we might witness some fluctuation before getting the official trend.

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: 76.95	R1: 79.75
S2: 75.60	R2: 81.20
S3: 74.10	R3: 82.60