Crude Oil Rises Over 1% In An Attempt To Breakout

wti crude oil

Oil prices are somewhat bullish on Monday. Price action is modestly trading above the 40.00 handle. But crude oil is not out of the woods yet.

A clean breakout above 40.00 is required to confirm the upside bias. For the moment, prices are strongly trading around the rising trend line.

This might potentially trigger a move lower if the commodity fails to post any further gains above this level.

A minor resistance level might form near the previous swing high point at 41.60.

Won't your trader friends like this?
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.

Leave a Reply