Oil touches the desired target 14/2/2024

US crude oil futures maintained a positive trajectory in the previous technical report, reaching the target price of $78.10 and hitting a high of $78.44 per barrel.

Technically, the outlook remains optimistic, with the price receiving consistent support from simple moving averages, contributing to an upward trend. Additionally, positive signals on the 14-day momentum indicator further bolster confidence in the upward momentum.

With daily trading sustaining above the $77.00 mark, the upward trend remains favorable, with an initial target set at $78.55. A successful breach of this level could propel oil prices higher towards $79.30, with further gains potentially reaching $80.00.

However, a break below the $77.00 support level would delay the anticipated bullish scenario, potentially triggering a temporary downward trend, with a retest of $76.20 as the likely outcome.

Warning:
Today’s market activity may be influenced by high-impact economic data from the British economy, particularly the annual consumer price index and the Bank of England Governor’s speech. Expect heightened price volatility during these announcements. Additionally, geopolitical tensions may contribute to increased risk and price volatility. Traders are advised to exercise caution and implement appropriate risk management strategies.

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: 77.00	R1: 78.55
S2: 76.20	R2: 79.30
S3: 75.45	R3: 80.10