Oil is making remarkable gains 29/9/2022

We adhered to intraday neutrality during the previous analysis due to the conflicting technical signals, explaining that activating the buying positions depends on confirming the breach of oil prices to the level of $79.50, which increases the possibility of achieving a rise that targets $80.80, surpassing the target, recording the highest level of $82.30 per barrel.

Technically, we tend to the positivity in our trading, relying on the success of oil in breaching 80.80, in addition to the bullish technical structure shown on the 4-hour chart.

Therefore, the possibility of resuming the rise may exist during today’s session, targeting 82.95, and the gains extend towards 83.10. However, the price behavior must be monitored well around this level due to its importance for the general trend on an intraday basis.

To remind that 80.10 will immediately stop the attempts to rise and put the price under negative pressure to complete the official descending path with a target of 78.50.

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: 80.15	R1: 82.95
S2: 78.45	R2: 84.00
S3: 77.40	R3: 85.75