Oil is trying to make more gains 9/5/2023

US crude oil futures prices witnessed a positive trading session within the bullish context published during the previous analysis, touching the first target, 72.60 and approaching by a few points at the second target, 73.80, to settle for recording the highest, 73.66.

Technically, by looking at the 240-minute chart, we find that oil managed to establish a good support ground around the level of 71.40/71.50, and we find that the relative strength index is still providing positive signs motivated by the positivity of the 50-day simple moving average.

From here, with steadfast trading above the support above, the bullish scenario remains valid and effective, targeting 74.00 as a first target, and breaching it increases and accelerates the strength of the bullish daily trend to enhance the chances of rising towards 75.10.

Sneaking below 71.40 can fail the suggested scenario, as we witness negative pressure on oil prices, with a target of 70.00.

Alert: Stochastic is around overbought areas in an intraday basis, and we may witness some fluctuation until the expected direction is obtained.

Note: The level of risk is high and does not match the expected return, and careful consideration is required, bearing in mind that all scenarios are likely to occur.

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: 71.40	R1: 74.00
S2: 69.95	R2: 75.10
S3: 68.80	R3: 76.55