Oil touches the ascending targets, positivity remains 24/8/2022

As we expected, US crude oil futures prices achieved noticeable gains, touching the official target price station during the last analysis at 94.00, recording its highest level of 94.19.

Technically, the positive motive from the simple moving averages supports the continuation of the rise, which comes in conjunction with the stability of the RSI above the mid-line 50.

The stability of daily trading above 92.00 will keep the bullish scenario valid, knowing that the breach of 94.00 extends the gains of oil, so we will be waiting for a barrel of oil around 94.90 and 95.70 as long as the price is stable above 92.00.

The decline is below the psychological barrier support level of 92.00. As a result, the oil may be forced to form a downside correction with a target of 91.10.

Note: The International Energy report on crude oil inventories is due today and could lead to price volatility.

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: 91.20	R1: 94.90
S2: 88.90	R2: 96.45
S3: 87.40	R3: 98.65