Oil finds a positive catalyst 9/8/2023

Mixed movements dominated the prices of US crude oil futures contracts, as we expected, touching the bearish official targets published during the previous technical report at 81.30 and 80.60, approaching the final target station at 79.60, only to record its lowest level at $79.97 per barrel.

Technically, US crude prices found a solid support floor near the psychological barrier of 80.00, which forced oil to rebound bullishly, to witness the current movements returning to stability above 82.30, and in general above 81.80, with a closer look at the 240-minute chart, we find the return of the simple moving averages to hold the price from below In addition to the breakout of the action inside the bullish channel, in addition to the positive momentum signs.

Therefore, the possibility of a bullish trend during today’s trading is still valid and effective, targeting 83.00 as the 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 84.00/83.80, a next station whose targets may extend later towards 84.50.

We remind you that the now below 81.80 puts the price under temporary negative pressure, aiming to retest 80.80.

Note: Today we are awaiting the report issued by the International Energy Agency regarding oil stocks, 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: 80.75	R1: 83.80
S2: 78.80	R2: 85.00
S3: 77.70	R3: 86.90