Oil is holding above support 3/1/2023

Positive attempts for US crude oil futures prices within the expected bullish path to touch the first target mentioned in the previous technical report, at 80.50, recording its highest level of $80.67 per barrel.

Technically, by looking at the 4-hour chart, the simple moving averages support the possibility of an increase, and we notice Stochastic’s attempts to eliminate the current negativity.

The consolidation of daily trading above the strong support floor at 78.40 encourages us to hold onto our optimistic expectations, knowing that consolidation above 80.60 facilitates the task required to visit 81.25 as the first target and then 82.40 as the next stop.

Reminder: Consolidation of daily trading above 78.30 is an essential condition for activating the bullish scenario mentioned, and a decline below it can cancel attempts to rise, to witness a negative trading session targeting 76.60.

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: 76.95	R1: 81.25
S2: 76.60	R2: 82.40
S3: 75.40	R3: 84.10