The Price of Crude Oil at at Critical Resistance
The price of crude oil was bolstered yesterday following the publication of the latest Ministerial Meeting of OPEC and Non-OPEC. The Meeting did not comment on the persisting global supply bottlenecks, which allowed crude to keep advancing.
At present, the price action is bound to test the psychologically significant resistance level at 70.00 and the descending trend line (in red). The two are also being crossed by the 50-day MA (in green).
On the one hand, a potential reversal from the descending trend line and the psychological resistance at 70.00 could be followed by a subsequent dropdown to the upper boundary of the last Accumulation range (at 66.00).
On the other, if the price manages to strengthen above 70.00, the uptrend would then stand a fairly decent chance of targeting the previous swing peak at 73.50. The major resistance level at 76.00 represents the next target for the uptrend.
At present, the price action is bound to test the psychologically significant resistance level at 70.00 and the descending trend line (in red). The two are also being crossed by the 50-day MA (in green).
On the one hand, a potential reversal from the descending trend line and the psychological resistance at 70.00 could be followed by a subsequent dropdown to the upper boundary of the last Accumulation range (at 66.00).
On the other, if the price manages to strengthen above 70.00, the uptrend would then stand a fairly decent chance of targeting the previous swing peak at 73.50. The major resistance level at 76.00 represents the next target for the uptrend.
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