Oil may repeat the chances of rising 6/9/2022

Mixed trading dominated the US crude oil futures prices yesterday, recording its highest level at 90.37, and it failed to stabilize for a long time above the 90.00 barriers. However, the current movements are stable at around $88.50 per barrel.

Technically, we tend to the positivity in our trading, based on the positive signals from the RSI and its stability above the mid-line 50, in addition to the bullish technical structure shown on the 4-hour chart.

From here and steadily trading above 88.00, the bullish scenario remains the most preferred, targeting 89.80, a first target, and then 91.10, an official station awaited unless we witness any trading below 87.80.

From below, confirming the breach of the 87.80 support level puts oil prices under strong negative pressure, with its initial target starting at 87.00 and extending to visit 86.40.

Note: The risk level is 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: 87.80	R1: 89.80
S2: 87.05	R2: 91.10
S3: 85.76	R3: 91.85