Oil Continues to Rise With Risks in Place 18/1/2022

US crude oil futures prices extended their gains, recording its highest level during the morning trading session of 85.14, while recording its lowest level at 84.80.

Technically, the 14-day momentum indicator continues to defend the bullish trend, as the price continues to move above the 50-day moving average, which supports the bullish price curve. On the other hand, we find stochastic trading around the overbought areas.

With the conflicting technical signals and the high level of risks, we prefer staying neutral until more accurate signals appear.

The daily trading range is from 86.20 to 83.30.

Note: the level of risk is high.

S1: 84.05	R1: 85.70
S2: 82.95	R2: 86.20
S3: 82.45	R3: 87.30