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If you’ve been watching Crude Oil recently you would have seen that since testing the key $50 mark, a fair bit of strength has come back into the market.

There have been some geopolitical events that have helped put a floor in the price, but on Tuesday the key focus for me is the technicals.

I’ve noticed that we just can’t seem to break through the 52.20 level. For whatever reason, price keeps trying and failing. If we do get a break higher that can hold then I think we might be in for a longer up move.

So, for now, I think we can be bearish and look to scalp off that level to the downside. But if we get a strong break that can hold we can start thinking about a multi-day move higher.

 

Crude Oil – 240 min Chart.