Crude oil repeats bullish opportunities 23/1/2023

Mixed movements dominated the prices of US crude oil futures contracts, but trading tended to be positive to succeed in recording good gains, touching the level of $81.86 per barrel.

Technically, by looking closely at the 4-hour chart, we find that oil prices continue to get a positive impulse from the simple moving averages, stimulated by the positive momentum signals coming from the 14-day momentum indicator on the 60-minute time frame.

Therefore, the possibility of an upward trend during the current session’s trading is still intact, provided that we witness a clear and strong breach of the resistance level of 81.50, which facilitates the task required to visit 82.10, the first target, and then 82.80, the next target, as long as the daily trading is stable above the support floor of 80.30.

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: 80.25	R1: 82.10
S2: 79.15	R2: 82.95
S3: 78.30	R3: 84.00