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Crude Oil Cleared For Blast Off On This Dual Breakout?

Published 06/01/2021, 10:12 AM
Updated 07/09/2023, 06:31 AM

Crude Oil Monthly Chart.

Is crude oil about to blast off and hit much higher prices? It might be worth being aware of what could be taking place this month in this important commodity.

Crude oil has created lower highs over the past 13 years, since peaking back in 2008, along line (1).

It created a “double top" at (2). Then, it proceeded to decline more than 60% in four months.

The counter-trend rally in crude oil has it attempting to break above its 13-year falling resistance as well as its double top at (3).

A successful breakout at (3) would suggest crude oil is about to move much higher in price, especially if the U.S. dollar breaks below the 88 level.

 

Latest comments

I reckon the oil bulls on this forum are way too ahead of themselves. It won't manage 90 or 100 USD per barrel.
$90 ppb oil by last week of June. The World lock down is over......ppb over $100 by end of July when India will open up!!! UCO 🚀.
👍. Very True
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