Oil steals the spotlight and achieves strong gains 28/9/2023

US crude oil futures prices jumped to achieve strong gains after ending the downward correction referred to in the technical report for this week, returning within a strong upward trend as we expected, exceeding the official target of 93.30, recording its highest level of $95.00 per barrel.

Technically, by looking at the 4-hour time frame chart, the simple moving averages provide a positive incentive for prices and are stimulated by the positive signals from the Relative Strength Index on short time intervals.

With the success of oil prices in penetrating the 93.20 resistance, this is a motivating factor that may enhance the chances of continuing to achieve gains towards 96.20, and we are satisfied with this goal only due to the high level of risks around the mentioned levels.

Note: The Stochastic indicator is overbought, and we may witness price fluctuations until the desired official trend is obtained.

We remind you that sneaking below 93.00 leads oil prices to make some random bearish movements towards 91.90.

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: 91.70	R1: 96.20
S2: 88.80	R2: 97.90
S3: 87.10	R3: 100.75