Crude oil setting up bullish breakout
WTI Crude Oil - came into the year with a strong trend that lasted through the first couple of months. Along the way, a big trendline gave out that previously held the highs since 2008. But what did finally catch bulls was the big zone of confluent Fibo resistance from 64.31-67.19. This is the same zone that's caught the highs in 2019, 2020 and now 2021.
But - unlike the past two years, the reversal off of this zone was softened, helped along by some support at the same trendline projection that previously functioned as resistance.
Buyers have pushed right back into this zone and continue to tease topside breakout potential.
But - unlike the past two years, the reversal off of this zone was softened, helped along by some support at the same trendline projection that previously functioned as resistance.
Buyers have pushed right back into this zone and continue to tease topside breakout potential.
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