Amid rising summer demand, an inverted head and shoulders breakout from oversold 2020 levels, and the recent outbreak of war between Israel and Iran, crude oil has tested the upper boundary of the declining channel originating from the 2022 highs. This test comes as supply risks for the coming month intensify.
This upper boundary aligns with the $77 resistance level. A confirmed breakout and sustained hold above this level could shift momentum more decisively to the bullish side, potentially paving the way for a retest of the $80 and $83.50 levels.
On the downside, if oil fails to maintain its gains and resumes a pullback, key support zones are located around $69, $66, and $64, reestablishing bearish dominance within the channel.
— Razan Hilal, CMT
This upper boundary aligns with the $77 resistance level. A confirmed breakout and sustained hold above this level could shift momentum more decisively to the bullish side, potentially paving the way for a retest of the $80 and $83.50 levels.
On the downside, if oil fails to maintain its gains and resumes a pullback, key support zones are located around $69, $66, and $64, reestablishing bearish dominance within the channel.
— Razan Hilal, CMT
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.