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Key Resistance: 65.00 – 67.50
Crude has been rallying hard since the Pandemic hardline quarantine rules started to ease worldwide. More air travel and less restrictions means more demand for crude derived products on a period where the OPEC had contracted their oil output to face the fast decline of prices.
Fast forward to last few weeks when crude peaked at around $71.50 per barrel. We have seen a decline in prices for 3 weeks in a row (-15.50%) to retest, again, the very important $61 per barrel level.
Technically speaking price has broken with the short term bearish structure, which could be called a bull flag, and the previous week´s highs whilst bouncing from the weekly pivot. This is all very, very bullish.
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- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
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- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
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