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.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments