Oil confirms the breach and the bullish correction continues 6/10/2022

US crude oil futures prices achieved strong gains during the previous session within the expected bullish track during the last analysis, touching the official target at 87.65, and recording the highest level at 88.40.

Technically, the daily trend is still bullish, with the simple moving averages supporting the bullish price curve and the price’s success in breaking the descending channel’s resistance.

Therefore, the bullish scenario is most likely, targeting 89.00 first target. However, we should pay close attention to this level due to its importance to the general trend in the short term and a breakout capable of strengthening gains strongly to visit 90.15 initially.

Activating the suggested scenario depends on the stability of the daily trading above the support floor of 86.00, and breaking it would invalidate the activation of the suggested above, and we may witness a negative trading session with a target of 84.50.

Note: The risk level may be high.

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: 86.15	R1: 89.05
S2: 84.40	R2: 90.15
S3: 83.25	R3: 91.90