Oil repeats attempts to rise 12/9/2023

US crude oil futures prices returned to achieve gains for the second session in a row, beginning to attack the psychological barrier resistance level of 88.00, recording its highest level of $88.11 per barrel.

Technically, we tend to be positive in our trading, relying on the return of the simple moving averages to carry the price from above, stimulated by positive signals from the 14-day momentum indicator.

From here, with daily trading remaining above 86.90, the bullish scenario remains the most likely, provided the price holds above 88.00 to target 88.30, the first target, noting that breaching the aforementioned level increases and accelerates the strength of the daily upward trend, opening the door towards 88.85, and the gains may extend later towards 89.50.

As a reminder, sneaking below 86.90 can thwart the proposed bullish scenario and lead oil prices to enter a bearish correction, initially targeting 86.10.

Note: the risk level may be 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: 86.90	R1: 88.30
S2: 86.15	R2: 88.85
S3: 85.55	R3: 89.60