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In our latest analysis, we’re focusing on the bullish breakout happening in the market. A decisive move above the key resistance level of 80.64 could trigger a breakout signaling a potential uptrend. This breakout would confirm if it happens above both moving averages and the downtrend line, indicating a strong move upwards. Keep an eye on the support levels around the moving averages as they may now act as strong support levels, reinforcing the bullish sentiment.
On the flip side, the bottom of the trading range is currently at 76.83, which has acted as a strong support level in recent days. This level was tested and held successfully, leading to a sharp reversal and a new high for the trading range. Buyers have shown their strength by pushing the price higher each time it tries to drop below the consolidation range, creating clear bottoming tails on the daily charts.
Furthermore, on a weekly basis, a bullish reversal has already been triggered as crude oil moved above last week’s high. A daily close above this level will confirm the breakout, signaling further upside potential.
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