Crude Oil targets keep getting hit, next level $62 & beyond
Crude oil has made a strong run to the upside through a lot of resistance levels and target zones and the commodity still has room to the upside. The first level that was broken that we were targetting was at $59.90 and just above that the top of the channel at $61.00. The $61.00 target was barely hit on the day before price reversed slightly lower.
The support structure we're watching for price to hold and continue higher is $60.35 but the price could move slightly lower into the $60.00 area before finding some support. Ultimately we have one last chance level at the impulse start which is at $59.50 but we don't anticipate price moving down to that area before seeing a rally through the $61.00 resistance area.
A breakthrough $61.00 could drive the price up to $61.50-61.70 and the retrace, we want to see it stall at $61.00 to confirm the upside and continue to rally. This is what we're looking for.
Disclaimer: This idea is for educational purposes only, this doesn't constitute as investment or trading advice. TRADEPRO Academy is not responsible for any market activity.
The support structure we're watching for price to hold and continue higher is $60.35 but the price could move slightly lower into the $60.00 area before finding some support. Ultimately we have one last chance level at the impulse start which is at $59.50 but we don't anticipate price moving down to that area before seeing a rally through the $61.00 resistance area.
A breakthrough $61.00 could drive the price up to $61.50-61.70 and the retrace, we want to see it stall at $61.00 to confirm the upside and continue to rally. This is what we're looking for.
Disclaimer: This idea is for educational purposes only, this doesn't constitute as investment or trading advice. TRADEPRO Academy is not responsible for any market activity.
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