Oil prices have found back their mojo, moving further away from the sub $70 levels seen earlier this year. Besides Russia being in the crosshairs, another big element is that markets are getting ready for another extension in production cuts from Saudi Arabia. With markets getting accustomed to the recent balance, a pickup in demand and another Saudi extension could be a perfect mix to push crude up to $90.
Oil bulls will see $86 appearing as the next cap. Further up, $86.90 follows suit before targeting $89.64 and $93.98 as top levels.
On the downside, both $80.00 and $80.60 should be acting as support now with the 200-day Simple Moving Average (SMA) as the level to catch any falling knives near $78.46. The 100-day and the 55-day SMA’s are near $75.54 and $76.79, 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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