Crude Oil breaks reversal pattern

Crude Oil breaks reversal pattern

Key Support: 61.00
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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Author : Orlando Gutierrez

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