Oil is looking for a clearer direction 13/3/2023

Attempts for US crude oil futures contracts continue to achieve some gains within the bullish path published during the previous technical analysis, surpassing the target of 76.00, recording its highest level at $77.42 per barrel.

Technically, the 50-day simple moving average still constitutes an obstacle in front of oil prices, and it meets near the resistance level of 77.70, adding more strength to it. On the other hand, we find the relative strength index stable around neutral areas.

We prefer to monitor the price behavior of oil until we get a signal that shows the daily trend in a more accurate manner, to be in front of one of the following scenarios:

Breaching the resistance of 77.50 is a catalyst that increases and accelerates the rise, paving the way for a visit to 78.10, an initial station whose targets may extend later towards the second target at 78.80.

Breaching the support level of 76.20 will put the price under strong negative pressure, to visit 75.50 and 75.00, respectively.

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: 76.20	R1: 77.50
S2: 75.50	R2: 78.10
S3: 74.90	R3: 78.80