Oil maintains gains 18/1/2023

US crude oil futures prices achieved the bullish target required to be touched during the previous technical report at 80.85, and approached by a few points at the second target 81.45, only to record the highest 81.20.

Technically, oil prices continue to receive a positive incentive from the simple moving averages, which continue to hold the price from below, stimulated by the positive signals from the relative strength index.

With intraday trading stable above 79.70, and in general, above the main support floor of 79.20, the bullish bias is most likely during the day, knowing that breaching 81.70 facilitates the task required to visit 82.70 as the next station, unless we witness any trading below 79.20.

A decline below the support mentioned above can thwart the suggested bullish scenario, and we are witnessing a trading session in negative areas, targeting 77.75.

Note: High-impact data are due today, UK Annual Consumer Prices, US Retail Sales and US Producer Prices and may cause some volatility.

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: 79.20	R1: 81.70
S2: 77.75	R2: 82.70
S3: 76.70	R3: 84.20