US Crude Oil Price Outlook Bullish After Break Above Resistance

US crude oil talking points:

The price of US crude oil has broken decisively above resistance from a trendline connecting the February highs.

That’s a bullish development, although further resistance could delay a stronger advance.

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Oil breaks trendline resistance

The price of US crude oil has broken decisively above resistance from a downward-sloping trendline joining the highs touched on February 2 and February 26, suggesting that further gains are in prospect.

US Crude Oil Price Chart, Daily Timeframe (November 6, 2017 to March 21, 2018)

Latest US crude oil price chart

Chart by IG

The target now is the series of highs reached in late January and early February, all around the $66.30 per barrel mark, implying some $2 of upside potential from current levels. To the downside, there is plenty of support from the 50-day moving average, the trendline joining the February highs, the 100-day moving average and then another trendline

Article source: https://www.dailyfx.com/forex/technical/home/analysis/usoil/2018/03/21/US-Crude-Oil-Price-Outlook-Bullish-After-Break-Above-Resistance.html?DFXfeeds=forex:technical:home:analysis:usoil