Crude Oil Double Top Breakout – What’s Next? - Forex News by FX Leaders
Gold and Oil - Technical Levels

Crude Oil Double Top Breakout – What’s Next?

Posted Friday, August 24, 2018 by
Arslan Butt • 1 min read

Oil prices soared in the Asian session, supported by signs that the U.S. sanctions on Iran are already reducing global crude supply. Fellas, as we discussed before, Iran is the third-biggest crude oil producer in the OPEC (Organization of the Petroleum Exporting Countries), supplying approx 2.5M barrels per day (bpd) of oil, which does impact the oil market. Which is why the oil market is bullish at the moment.

Crude Oil - 120 Min Chart

Crude Oil – 120 Min Chart

Technically speaking, crude oil has already violated the double top resistance at $68.15. Both technical indicators, EMA and RSI are signaling bullish bias of traders.

So, the next target for crude oil is likely to be $68.85. Whereas, the support prevails at $68.15.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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