Oil on the breakout...
Amid the current geopolitical news oil has tanked on the passed days pulling many energy prices up along with fuel prices. There are strong plans to maintain the current global oil prices with support from the US.
On a technical level, oil is also breaking out from an outstanding comeback from the 2020 lows of below $0.00. We are now trading above the $100 per barrel level with eyes set on the next levels of resistance. All time highs are not too far away and with current strength holding, this could continue to the upside over the coming days/weeks. Downside opportunities are looking unlikely heading into the remaining trading days of this week.
On a technical level, oil is also breaking out from an outstanding comeback from the 2020 lows of below $0.00. We are now trading above the $100 per barrel level with eyes set on the next levels of resistance. All time highs are not too far away and with current strength holding, this could continue to the upside over the coming days/weeks. Downside opportunities are looking unlikely heading into the remaining trading days of this week.
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