Oil is Looking For Confirmations

We committed intraday neutrality during the previous report, waiting for one of the directional keys, to break the support level of 82.70 or to confirm the breach of the resistance level of 84.85.

Technically, the 50-day moving average still supports the bullish price curve, accompanied by the RSI’s attempts to provide positive signals on the short time frames.

We tend to be positive, but we need to witness a clear and strong breach of the main resistance level 84.85/84.95, and this is a catalyst that contributes to strengthening the completion of the bullish path, targeting 85.85, and gains may extend towards 86.50.

To remind that the breach below the pivotal support level 82.70 will immediately cancel any attempts to rise and force oil prices to enter into a minor corrective bearish slope that directly targets 82.10 and 81.20, respectively.

S1: 83.00	R1: 84.95
S2: 82.10	R2: 85.85
S3: 81.20	R3: 86.85