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Friday, October 22, 2021

Crude Oil to the Next Resistance Level

Crude Oil to the Next Resistance Level

Crude may be ripe for a pullback here. Bullish trend has remained long and strong and RSI has begun to diverge on the daily chart .

Crude has already taken out two major resistance zones this year, the most recent of which was the resistance around six year highs. That zone hasn't yet shown much for support, so if we can get a pullback in crude that becomes an area of interest for higher-low support/ bullish continuation scenarios. This runs from 75-76.72 and at this point, resistance has held at the 50% marker of the 2001-2008 major move.

I had talked about this setup as part of my outlook for next week, available here:

from TradingView Ideas
via gqrds

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