Oil is Trying to Consolidate 17/2/2022

Mixed trading dominates the US crude oil futures prices, attacking the psychological resistance level of 95.00 and ending its trading yesterday above the support line at around 91.40.

Technically, looking at the 60-minute chart, we notice that the RSI continues to defend the bullish bias, and this coincides with the continuation of moving above the 50-day moving average.

There is a possibility of a rise, but one should be careful, knowing that a breach of the psychological barrier’s resistance level of 94.00 is able to contribute to pushing the black gold to 95.00 again as long as the price is stable intraday above 91.40.

Trading again below the strong support level of 91.30 may renew the chances of the bearish bias, and we may witness a visit to 90.00, and breaking it will pave the road towards 88.00.

Note: The risk level is high and we may see random, erratic moves.

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: 89.95	R1: 95.00
S2: 87.45	R2: 97.50
S3: 85.00	R3: 99.95