Oil starts negative 23/10/2023

US crude oil futures prices expanded their gains at the end of last week’s trading, touching the official target station at $ 89.45 and recording their highest level at $89.82 per barrel.

Technically, we are leaning toward negativity in our trading, but with caution, relying on the return of trading stability again below the 87.80 resistance level and the negativity of the 14-day momentum indicator.

Hence, with daily trading stable at 89.60, this supports the possibility of a downward correction during today’s trading session, targeting 86.50 as the first target and then 86.00, considering that sneaking below 86.00 leads a downward correction towards 85.10.

Crossing upwards and rising above 87.80 leads the price to recover towards 88.65 and 89.10.

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: 86.50	R1: 87.80
S2: 86.00	R2: 88.65
S3: 85.10	R3: 89.10