Oil is moving within the ascending channel 18/9/2023

Noticeable gains continue to control the prices of US crude oil futures contracts within the bullish context expected during the previous technical report, touching the target to be achieved at the price of 91.20, recording its highest level of $81.54 per barrel.

Technically, with the regularity of work within the ascending price channel, as shown on the 4-hour time frame chart, the price continues to receive a positive stimulus from the 50-day simple moving average.

Therefore, the bullish scenario remains valid and effective as long as daily trading remains above 90.00, targeting 92.20 as the first target, taking into account that crossing upwards and the price consolidating above it increases and accelerates the strength of the upward trend, as we await 93.00, the next official station.

From below, closing an hourly candle below 90.00 will immediately stop the proposed bullish scenario, and we may witness a simple bearish correction aimed at retesting 88.45 before attempts to rise again.

Note: Risk level may be 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: 89.90	R1: 92.20
S2: 88.45	R2: 93.00
S3: 87.65	R3: 94.45