Oil rests on support again 23/8/2022

Mixed trading tilted to the positive dominated the US crude oil futures prices yesterday, to witness the current movements return to the bullish track and hovering around its highest level during the early trading of the current session 91.00.

Technically, the positive motive for the 50-day simple moving average supports the possibility of a rise, accompanied by the return of the bullish momentum, as evident on the 14-day momentum indicator on the 60-minute interval.

Therefore, the daily trend is still inclined to the upside, targeting 92.00, taking into consideration that the price’s consolidation above the mentioned level can enhance the chances of rising towards 92.80 initially, and the gains were made later to visit 94.50 as long as the price is intraday stable above the strong demand point 87.80.

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: 92.80
S2: 84.50	R2: 94.50
S3: 82.75	R3: 97.80