Oil: to be monitored 14/11/2022

US crude oil futures prices witnessed a bullish tendency at the end of last Friday’s trading to temporarily reverse the bearish trend, recording its highest level around $90.00 per barrel.

Technically, oil prices are currently hovering around the 50-day simple moving average that is trying to push the price to the upside, and we find the RSI trying to consolidate above the 50 mid-line.

We may witness a bullish bias during the day, but with caution, depending on the stability of the intraday trading above 88.20. We also need to witness the price consolidation above 89.65, which may open the door towards 90.75, a first target, and the gains may extend later to visit 91.75.

Stability below 88.00 will immediately stop the bullish bias and lead oil to the bearish trend again so that we will wait for 87.00 as an initial stop.

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: 90.75
S2: 84.65	R2: 93.35
S3: 83.05	R3: 94.60