Thursday’s Market Minute: Oil Continues Climbing Again To Highs

0
44

Image source from Unsplash

This post contains sponsored advertising content. This content is for informational purposes only and is not intended as investment advice.

Crude oil futures are back within reach of new highs after rising more than 26% in 23 days. The setup could be favorable for the bulls as they only need about 3% gain to surpass the yearly highs and technical indicators are showing strength in the upside.

In terms of momentum, the MACD is stable and has neither increased nor decreased in intensity. The RSI closed yesterday in the overbought territory above 70, which is usually taken as a sign of upward movement, while the Average Directional Index (ADX) is rising from a low, suggesting a strengthened direction.

There is little standing in the way of potential resistance between here and the old highs. However, a potential stagnation point could be the +1 standard deviation channel near 124. For potential support, watch the area near 114 as it represents both the old March highs and the 21-day exponential moving average as bulls hope to participate. The upside might look at this as an entry point.

This post contains sponsored advertising content. This content is for informational purposes only and is not intended as investment advice.