Oil price climbs to 6-week high, breaks key resistance levels
The price of crude oil has moved higher today and is breaking above a double top on the hourly chart as well as the 50% midpoint of the move down from the August 13 high. Those levels come in at $72.36 and $72.67 respectively. The break higher took the price up toward the $74 level with a high reach today at $73.92. Yesterday, the price moved higher and in the process, tested the high price from September 24. Holding against that level, gave the sellers the go-ahead to move lower, and they took the price back lower, but that fall stalled right near the 200-hour moving average (green line) currently at $69.82. The price yesterday bounced off of that level and has seen increased momentum in trading here today – breaking above the aforementioned targets in the process.Close support and risk will now be eyed at the prior resistance between $72.36 and $72.67. Stay above, and traders will target the $74.43 level where the 61.8% and other swing levels are found (see blue numbered circles). This article was written by Greg Michalowski at www.forexlive.com.
The price of crude oil has moved higher today and is breaking above a double top on the hourly chart as well as the 50% midpoint of the move down from the August 13 high. Those levels come in at $72.36 and $72.67 respectively. The break higher took the price up toward the $74 level with a high reach today at $73.92.
Yesterday, the price moved higher and in the process, tested the high price from September 24. Holding against that level, gave the sellers the go-ahead to move lower, and they took the price back lower, but that fall stalled right near the 200-hour moving average (green line) currently at $69.82.
The price yesterday bounced off of that level and has seen increased momentum in trading here today – breaking above the aforementioned targets in the process.
Close support and risk will now be eyed at the prior resistance between $72.36 and $72.67. Stay above, and traders will target the $74.43 level where the 61.8% and other swing levels are found (see blue numbered circles). This article was written by Greg Michalowski at www.forexlive.com.
