Crude Oil Progressive Bull Trend Confronts 6-Year Resistance: Break or Hold?
2021-07-10 04:00:00
John Kicklighter,
Chief Strategist
Crude Oil Technical Forecast Talking Points:
Crude oil closed Friday in the red, breaking a run of six consecutive weeks’ advance
The prevailing technical trend is still firmly bullish until there is a break below the 50-day moving average and trendline support stretching back to November at 68
Volatility from this past week coincides with a general risk market shudder but the stall at 76 exerts technical weight in a long-term double top and Fib
What time frame you evaluate a market on can render a very different perspective on what bearing and tempo you register. Crude oil on a weekly or month chart looks like it is powered by a momentum-backed bull run. However, on the daily and lower periodicity charts, there is a more prominent sense of reluctance recently that bestows greater weight to an already impressive technical overhead at 76.00. Bef