Oil prices are entering dynamics not seen since 2013, when a substantially weaker US Dollar opened up space for Oil prices to rise towards $100. Seeing the current rate cuts and dovish stance by the Fed, more upside could be at hand.. Although $100 is still far off, chances are growing.
Oil bulls still clearly see more upside potential. The break above $80 though does not seem to be taking place that quickly, and $85 is appearing as the next cap. Further up, $86.90 follows suit before targeting $89.64 and $90.00 as top levels.
On the downside, the 200-day Simple Moving average (SMA) near $77.93 is the first point of contact to provide some support. Quite close behind are the 100-day and the 55-day SMAs near $75.81 and $75.26, respectively. Add the pivotal level near $75.27, and it looks like the downside is very limited and well-equipped to resist the selling pressure
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