Price is within an ascending channel and has hit channel resistance. We could draw up a trendline which has broken. Best way to enter is wait for a correction and enter on break of correction with stops above the correction.
Oil is known as the devils pair so be careful! Trade safe.
For a few days now I've been keeping an eye on historical resistance levels for WTI Crude Oil. As you can see on the chart here, since 2014 a resistance level has been established that price has remained faithful to. I have drawn these lines here in red as two variants which differ slightly in angle depending on the highs they are drawn from/to, but the basic 2014...
Premier Oil a UK oil contractor, doing well recently with OIL beginning to regain lost ground since covid. appears to have made a double bottom. technicals dont always work in your favour in Shares but its looking likely to my eye and as such has earnt a small percentage position in my stock portfolio.
Crude oil has Confirmed breakout of a long term resistance line on weekly chart. Key considerations:
OPEC back in action
OPEC+ member Mexico recently cashed in their biggest oils hedge
Consumption and demand back up
I for one dont expect these current moves to hold, and they are gold shorts and oil longs this is praising for covids disappearance, which is not the case even with vaccine news, good time to trick retail and go the other way.
The major support / resistance level at 34 held with bullish formations currently visible on all time frames, brent futures are up and "LONG" is written all over PMO! My first target is at ~43p level. Mid term we will most likely see a new maximum (since March) at about 60p. The 50 EMA should cross the 200 EMA within days confirming the end of June / July...