Oil is trying to maintain positive stability 3/11/2022

US crude oil futures prices hit the first awaited target yesterday at 90.00 to succeed in recording the highest price of $90.35 per barrel.

Looking at the chart, crude oil is consolidating above the strong support floor at 88.10, accompanied by the positive motive coming from the 50-day simple moving average and the continuation of positive momentum signs.

Despite the technical factors that indicate the possibility of resuming the rise, the clear intraday overbought on the momentum indicator may push oil to retest 88.00/88.10 before attempts to rise again, knowing that the idea of ​​retesting 88.10 does not contradict the bullish daily trend that begins His official targets are around 90.70 and 91.70.

Note: the level of risk 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: 88.10	R1: 90.70
S2: 86.65	R2: 91.80
S3: 85.55	R3: 93.30