Crude Oil Double Top Breakout – What’s Next?
Oil prices soared in the Asian session, supported by signs that the U.S. sanctions on Iran are already reducing global crude supply....
Arslan Butt•Friday, August 24, 2018•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
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
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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