Oil maintains a gradual rise 14/9/2023

US crude oil prices presented a positive trading session within the positive technical outlook, approaching by a few points from the first bullish target to be achieved at 89.80, only to record its highest level of $89.60 per barrel.

Technically, we find oil prices stable above 88.00, supported by the positive stimulus coming from the simple moving averages that support the upward curve of prices, and this comes in conjunction with the clear positive crossover signals on the Stochastic indicator.

From here, with the stability of trading above 88.00, the previously breached resistance and converted into a support level, the bullish scenario remains valid and effective, targeting 89.80 as a first target, and breaching it is a motivating factor that enhances the chances of the price heading towards 90.25 and 90.80, respectively, and the gains may extend later towards 91.20.

As a reminder, sneaking below 88.00 postpones rising opportunities but does not cancel them, and we may witness a retest of the 87.70 and 86.70 levels before attempts to rise again.

Note: Today we are awaiting highly influential economic data issued by the European economy, “the monetary policy statement of the European Central Bank,” “interest rates on the euro and the press conference of the European Central Bank,” and regarding the American economy, we are awaiting the “producer prices” index and the “retail sales” index.

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: 88.30	R1: 89.60
S2: 87.70	R2: 90.25
S3: 87.00	R3: 90.85