Oil making notable gains 19/3/2024

Yesterday, US crude oil futures prices surged as anticipated in the previous technical report, reaching a peak at $82.46 per barrel.

From a technical standpoint, our trading bias remains positive, supported by the consistent movement within the upward price channel. Additionally, the presence of the simple moving averages and the upward trajectory of prices further reinforce this bullish outlook.

As long as daily trading maintains levels above 80.90, particularly above the previously breached resistance turned support at 80.50, the upward trend remains intact. The initial target is set at 82.75, with a potential continuation of the rally towards 83.55 if prices sustain above this level.

It’s essential to note that a breach below 80.50 could invalidate the bullish scenario, potentially leading to a corrective move with an initial target around 79.80.

Warning: Given the ongoing geopolitical tensions, there is a heightened level of risk, and traders should be prepared for increased price volatility.

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: 80.90	R1: 82.75
S2: 79.80	R2: 83.55
S3: 79.00	R3: 84.65