Crude Oil up third consecutive session, approaching its 2023 high resistance
MarketsFN Team
•1 min read
Crude Oil, now trading at 81.46 , up 1.1%, is getting closer to area 83.42, its 2023 high. This would be a 23% advance from its June low 67.11 $/barrel.
A breakout above its 2023 high would likely lift the commodity to 85 and then the psychological area 90 $/barrel if bullish momentum would continue.
If 83.42 would work as a valid resistance is probable the development of an intermediate trading range 83.42-63.6, a wide 20$ trading range with several obstacles between the support and the resistances.
Key nearest supports would be 80, 77 and 74.5.
