Oil continues to make gains 10/8/2023

US crude oil futures prices jumped to achieve substantial gains during the previous trading session, within the expected bullish context in the last technical report, touching the official target of 84.50, recording its highest level of $84.62 per barrel.

Technically, by looking closely at the 4-hour chart, we find that the price is stable above the simple moving averages, and this comes in conjunction with the clear positive momentum signs on the 14-day momentum indicator.

Therefore, the possibility of the continuation of the bullish trend during today’s trading is still valid and effective, targeting 85.00 as a first target, taking into consideration that its breach is a catalyst that increases and accelerates the strength of the bullish trend, to be waiting for touching 85.80 next station, whose targets may extend later towards 86.50.

We remind you that activating the suggested bullish scenario depends on trading remaining above the pivotal support floor 83.50 and in general, above 83.15, and we must be careful that breaking 83.15 puts the price under negative pressure, to retest 82.00 initially.

Note: Today we are awaiting high-impact economic data issued by the US economy, “Consumer Price Index” and “Weekly Unemployment Claims”, and we may witness high 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: 83.15	R1: 85.00
S2: 82.00	R2: 85.75
S3: 81.30	R3: 86.90