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Here at Extreme Investor Network, we pride ourselves on providing unique insights and valuable information for traders looking to navigate the complex world of the stock market. Today, we are discussing the current market situation where crude oil is stuck in an expanding triangle consolidation.
As we analyze the latest market trends, it is important to note that crude oil has encountered significant resistance around the 61.8% Fibonacci retracement level at 82.10. This resistance zone is further strengthened by the convergence of two trendlines, indicating a potential stall in the upward movement of crude oil prices.
Despite the resistance, the fact that the retracement has been minimal and the market continues to test the resistance zone highlights the underlying strength in demand for crude oil. This could indicate a potential upside breakout once the consolidation phase is complete.
Gain Insights into Key Pivot Zones and Market Trends
At Extreme Investor Network, we monitor key pivot zones and market trends to provide you with actionable insights for your trading strategies. The downtrend line, originally drawn before the false bull breakout on April 4, is still being respected by the market, indicating its significance.
Furthermore, the new upper trend resistance is evident at the top trendline connecting the April 12 swing high. Despite a decrease in bullish momentum over the past week, a weekly bullish trend continuation signal was triggered, suggesting potential buying opportunities on weakness.
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