Oil is making remarkable gains 15/9/2022

We adhered to intraday neutrality during the previous report for the second consecutive session due to the conflicting technical signals, to witness the movements of US crude oil in a positive trading session, as activating the buying positions requires a breach of 87.10, targeting 88.10 and 89.00 respectively, to record $90.17 per barrel.

Technically, and carefully looking at the 240-minute chart, we find the 50 SMA continues holding the price from below, which comes in conjunction with the continuation of the positive momentum on the short intervals.

Therefore, the possibility of continuing the rise still exists provided we witness a clear breach of the 89.10 level, which facilitates the task required to visit 90.40 first target, and gains may extend later towards 91.20 next station.

Only from below, the return of stability below 88.00, and the price stability below it, which postpones the chances of rising, and we may witness a quick retest directly to the areas of 87.00 and 86.50.

Note: Stochastic is around overbought areas.

Note: High Risk

Note: “US Retail Sales” data is due to be released and has a meaningful impact and we may see high volatility in prices.

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: 86.45	R1: 90.40
S2: 84.35	R2: 92.30
S3: 82.45	R3: 94.40