Oil is making significant gains 20/9/2022

US crude oil futures prices succeeded in achieving the bearish target that is required to be touched during the previous analysis at 83.20, surpassing the required target, recording 81.75 during the middle of trading, before the bullish rebound that led the price towards 85.75.

Technically, looking at the chart, the simple moving averages are trying to push the price to the upside. This comes in conjunction with the positive signage on the 14-day momentum indicator.

From here and with the stability of daily trading above 84.00 and most importantly 83.80, the bullish bias may be the most likely, but targeting 86.40/86.30 with caution and the price behavior of oil must be monitored well around this level due to its importance for the general trend on the intraday term and its breach increases and accelerates the strength of the bullish bias so we will be waiting 86.80 and 87.60.

From below, trading stability returns below 83.80, which will immediately stop the attempts to rise, and we will witness a negative trading session, with its initial target of 82.80.

Note: The risk level is high.

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: 82.80	R1: 86.80
S2: 80.30	R2: 88.30
S3: 78.80	R3: 90.85