Oil looking for additional momentum 14/4/2023

Limited positive trading dominated futures prices for US crude oil, colliding with the strong resistance published during the previous technical report at 83.50, which temporarily limited the bullish trend.

Technically, by looking at the 4-hour chart, we find negativity features currently dominating the stochastic indicator. We await getting rid of the negative signs and gaining new additional momentum, and the simple moving averages are still carrying the price from below.

We tend to rise, but with caution, relying on the constancy and stability of daily trading above the previously breached resistance that transformed it into the support level of 81.70, targeting 83.40, and breaching it increases and accelerates the strength of the bullish daily trend, opening the door directly towards 84.40, and the gains may extend towards 85.40.

Only from below, daily trading stability will return below 81.70, and more importantly 81.40 can postpone the suggested scenario, and we may seek a temporary drop, targeting 80.40.

Note: Today we are awaiting high-impact economic data issued by the US economy, the “Retail Sales” index and the “University of Michigan Preliminary Consumer Confidence” index, and we may witness high volatility at the time of the news release.

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: 81.40	R1: 83.40
S2: 80.30	R2: 84.40
S3: 79.30	R3: 85.45