Oil Continues to Move Within The Upside Wave 13/1/2022

Noticeable gains were recorded in US crude oil futures prices, as we expected, touching the previously published first target at 82.50 and gradually approaching the second target of 83.50, recording the highest price of 83.05.

Technically, we believe that the continuation of the current ascending wave is still valid and effective, dependent on the regular work within the bullish price channel shown on the chart and the stability of the intraday trading above the psychological support level 81.00.

Today, there is a possibility to visit 84.15, the first target, and then 85.00, the next official station, which depends on the return of price stability above 83.30.

Trading below 79.80, the previously breached resistance turned it into a support level capable of thwarting the suggested scenario. As a result, we may witness a return to the bearish bias, with an initial target of 76.90. 

Note: Stochastic is trading around overbought areas.

Note: the level of risk may be high

Note: CFD trading involves risks; all scenarios may occur.

S1: 79.65	R1: 84.15
S2: 76.90	R2: 85.80
S3: 75.10	R3: 88.60