US Oil Validates Its Breakout!

US Oil Validates Its Breakout!

US Oil decreased a little in the short term but the outlook remains bullish. It has decreased to test and retest the immediate support levels before jumping higher. Technically, the breakout above the near-term strong resistance levels signaled a potential further growth.

Still, the rate could move sideways before resuming its upwards movement. The US Oil rallied after the US Crude Inventories release on Wednesday. The economic indicator dropped from 1.3M to -1.7M much below -1.0M expected.

US Oil H4 Chart Technical Analysis!

US Oil has increased as much as 67.49 on Friday failing to reach the 67.94 higher high. Still, the rate has taken out strong resistance levels, that’s why the price could resume its growth.

It has finally managed to stabilize above 66.68 static resistance and outside of the descending pitchfork’s body. I’ve told you in the live sessions or in my previous analysis that an upside breakout through the UML could confirm an upside continuation.

Now it has decreased to retest the 66.58 and the ascending pitchfork’s median line (ml). Staying above these levels and registering a new higher high could really signal potential growth.

Conclusion!

Its breakout above 66.58 and through the upper median line (UML) could signal more gains ahead. It could increase as long as it stays above the ascending pitchfork’s median line (ml).

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.