Crude Oil Continues To Grind Towards Resistance

0

CBN

Crude Oil Grinds Higher Towards Resistance

Christopher Lewis

 

The West Texas Intermediate Crude Oil market  rallied a bit during the trading session on Monday to reach towards the $67 level, an area that of course is the top of an ascending triangle that a lot of people will be paying attention to. That being said, it looks like we are trying to break out and given enough time we could slice through that $67.50 level that I have been talking about. Remember, there is an OPEC+ meeting on Tuesday which would cause a lot of noise, and people will be paying close attention to the Iranian nuclear talks. All things been equal though it looks as if the market is trying to break out.

Brent markets  on the other hand, moved a bit during thin trading on Memorial Day, as  the market continued to see the uptrend being pushed, with the $70 level being a major barrier. If we can break above the $70 level, the market is very likely to continue going higher, perhaps reaching towards the $75 level over the longer term. I do believe that short-term pullbacks will continue to be bought into, as the market has been rising for quite some time. The 50 day EMA underneath is support as it is walking right along the uptrend line of the ascending triangle. Underneath, the $65 should offer plenty of support, but if we break down below there, then that could signify the end of the uptrend, but I do not see that happening anytime soon.

Leave a Reply

Your email address will not be published. Required fields are marked *