Oil achieves additional heights 2/3/2023

Positive movements dominated the prices of US crude oil futures contracts, recording additional gains that extended to the level of $77.80 per barrel.

Technically, oil prices surpassed the resistance level of 76.60, which has now turned into a support level, which supports the possibility of an increase, in addition to the positive impulse coming from the simple moving averages, which started to carry the price from below.

From here, if trading remains above 76.60, the chances of resuming the bullish path may still be valid and effective, targeting 78.00 and 78.25, respectively, knowing that breaching the last level increases and accelerates the strength of the bullish daily trend, opening the door to 78.85, the awaited station.

Trading stability below 76.60 can thwart the bullish scenario suggested above and lead oil prices to the official bearish track, with a target of 75.60.

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: 76.60	R1: 78.25
S2: 75.55	R2: 78.85
S3: 74.95	R3: 79.90