Oil touches the required targets 30/11/2022

US crude oil futures prices achieved the required retest target to be touched during the previous technical report, touching the first target 79.10, and approaching by a few points at the second target 79.80, to settle for recording its highest level at 79.61.

Technically, looking at the 4-hour chart, we find the 50-day simple moving average trying to push the price to the upside, motivated by the positive signs from the RSI, stable above the mid-line 50.

Therefore, with intraday trading remaining above 78.20, the completion of the bullish scenario remains valid and effective, provided that we witness a breach of 79.20, which is a catalyst that opens the door for oil prices to visit 80.35 first target, and the gains may extend later to visit 81.60.

As a reminder, the decline below 78.20 will stop the idea of ​​continuing yesterday’s rise and lead oil prices to complete the bearish directional movement towards 77.10 initially.

Note: The risk level is high.

Note: Today we await high-impact data from the US economy, in addition to the speech of “Jerome Powell,” the head of the Federal Reserve, and we may witness high volatility in prices, in addition to the report issued by the “International Energy Agency” regarding oil stocks.

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: 77.05	R1: 80.35
S2: 75.00	R2: 81.60
S3: 73.70	R3: 83.60