Crude Oil breaks out of falling channel –Watch for higher level.

This is the 4-hour timeframe chart of CrudeOil1!.

The price has been moving within a well-defined falling channel and has now given a breakout. A possible retest of the breakout level around 5560 may occur, after which CrudeOil could move towards the falling channel completion target near 5700.

Weekly pivot support is also placed around the 5400–5450 zone and resistance around 5700.

If this level is sustained, we may see higher prices in CrudeOil1!

Thank You !!