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Crude Oil Attempts To Break Past 41.00 Handle Again

Posted On 11 Nov 2020
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Oil prices pulled back after testing the technical resistance area near 41.00 on Tuesday.

However, oil recouped the bullish momentum, and the commodity is now attempting to break past this psychological barrier.

A strong breakout above 41.00 could breathe some fresh air for the oil markets, which have been stuck in a strong sideways range.

With the market sentiment likely to linger on, there is scope for oil prices to break past this level.

Above 41.00, support will need to form in order to confirm further upside. This will put the next key level near 43.50 into focus.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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