Oil repeats the gradual rise 17/1/2023

Mixed trading dominated the prices of US crude oil futures within both the bullish and bearish paths, with the beginning of this week’s trading recording a high of 80.00, then quickly returning to the bottom, recording a low of around 78.60.

On the technical side today, the current movements are witnessing stability above the resistance level of 78.70. We find the simple moving average still provides a positive impulse stimulated by the positive signals from the relative strength index.

The trend is bullish, considering that the price’s consolidation above the resistance level of the psychological barrier 80.00 is a catalyst that increases and accelerates the strength of the bullish trend, opening the door to visit 80.85 & 81.45 as next awaited stations.

A decline below 78.70, and more importantly, 78.50, can thwart the suggested bullish scenario, and we may witness a session in negative areas, targeting 77.75.

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: 78.50	R1: 80.00
S2: 77.75	R2: 80.85
S3: 76.90	R3: 81.60