Are you keeping an eye on the price of crude oil and wondering what the future holds? This week’s high completed an impressive 11.2% advance, signaling strong bullish momentum in the market. Support was found around the lower trendline of a symmetrical triangle formation at 72.24, with the top of the triangle becoming the eventual target as crude oil continues its upward trend. Keep an eye out for potential resistance around the 78.6% Fibonacci retracement at 82.07 before reaching the top trendline.
But where could the price of crude oil be headed next? Measured moves point to a potential target of 84.15, based on prior advances of 16.5% and 23.1%. With the current advance sitting at 11.2%, it is likely that crude oil will continue to rally after a pullback. If crude oil reaches 84.15, it could signify a bullish breakout of the symmetrical triangle, opening the door to even higher targets. In fact, since March 2023, there have been several upswings ranging from 14.5% to 30%, indicating that surpassing the 84.15 target is very much in reach.
Stay tuned for more updates on the stock market and trading trends on our website, Extreme Investor Network. And don’t forget to check out our economic calendar for a comprehensive look at all of today’s economic events. Happy trading!