Predicted Increase in Crude Oil Prices: Approaching Potential Resistance at 61.8% Fibonacci Level

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The Power of Momentum in the Market

Since the rally from the June 4 low began, momentum has remained strong in the market. Recent indicators show greater confidence, especially after this week’s breakout above both the 200-Day and 50-Day moving averages. Crude oil is poised to end the week on a strong note, in the upper quarter of the week’s trading range.

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Keep an eye on where crude closes out the week in relation to the 82.10 – 82.26 resistance zone to gauge if bullish momentum can be sustained into the next week. A strong close this week could signal a continued rally before a possible retracement or consolidation phase begins.

Identifying Opportunities for Growth

Watching for new signs of strength in the market is crucial for maximizing your investment opportunities. A daily close above the initial downtrend line could lead to surpassing the higher downtrend line and potentially exceeding the 87.90 swing high. A breakout above these levels may trigger a large symmetrical triangle consolidation pattern, indicating a significant shift in market dynamics.

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Short-term volatility has increased with the current rally, showcasing momentum and potential opportunities for growth. It’s essential to monitor how crude oil responds after breaking above the higher downtrend line, as it could provide valuable insights into market movements.

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