Crude Oil has come a long way since the lows of April 2020, which took price down
to just 1 cent. Price has since climbed back over 16,000% and currently looking strong.
The first hurdle following the decline was in November 2020 when price approached
the 50 simple moving average resistance level on the weekly timeframe.
After defeating this indicator, price went on to challenge the 200 simple moving
average, which at first held its ground, but price eventually broke through.
Price went on to break above a previous level of resistance at $66 on its second
attempt and did the same for the resistance at $76.
Now that price has broken through multiple levels of resistance, the next major
resistance that stands in the way is the $100 round number.
This psychological level of resistance may prove difficult for price to break,
so we need to keep an eye out if and when price approaches this level.
For now, we can expect to see further moves to the upside and maybe even
a retest of the support level at $76.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
to just 1 cent. Price has since climbed back over 16,000% and currently looking strong.
The first hurdle following the decline was in November 2020 when price approached
the 50 simple moving average resistance level on the weekly timeframe.
After defeating this indicator, price went on to challenge the 200 simple moving
average, which at first held its ground, but price eventually broke through.
Price went on to break above a previous level of resistance at $66 on its second
attempt and did the same for the resistance at $76.
Now that price has broken through multiple levels of resistance, the next major
resistance that stands in the way is the $100 round number.
This psychological level of resistance may prove difficult for price to break,
so we need to keep an eye out if and when price approaches this level.
For now, we can expect to see further moves to the upside and maybe even
a retest of the support level at $76.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
