Oil may continue to achieve gains 13/9/2023

US crude oil futures prices witnessed a trading session in positive areas within the bullish context as we expected, in which we relied on breaching the resistance of the psychological barrier 88.00, touching the second target to be achieved at 88.85 and approaching by a few points from the official station of 89.50, recording its highest level of $89.33 per barrel.

Technically, we find oil prices stable above 88.00, supported by the positive stimulus from the simple moving averages that support the upward curve of prices, in addition to the positive signals from the 14-day momentum indicator.

From here, with the stability of trading above 88.00, the previously breached resistance that was transformed 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 90.60.

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 the monthly and annual US inflation data, the “Consumer Price Index,” and we may witness high price fluctuations when the news is released.

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: 87.70	R1: 89.80
S2: 86.45	R2: 90.60
S3: 85.60	R3: 91.90