Crude Oil - Technical Analysis, Timeframe: 4-hour
Technical Analysis:
Crude oil is currently trapped in a demand zone. This means that there is a concentration of buyers at this price level, which is preventing the price from falling further.
If the price of crude oil can break through the resistance at the top of the demand zone, it will likely continue higher.
Trading Strategy:
Traders who believe that crude oil will continue higher can look to buy a break above the resistance at the top of the demand zone.
Overall, the technical outlook for crude oil is bullish as long as the price remains above the demand zone. A break above the previous swing high would be a particularly bullish signal.
Crude oil is currently trapped in a demand zone. This means that there is a concentration of buyers at this price level, which is preventing the price from falling further.
If the price of crude oil can break through the resistance at the top of the demand zone, it will likely continue higher.
Trading Strategy:
Traders who believe that crude oil will continue higher can look to buy a break above the resistance at the top of the demand zone.
Overall, the technical outlook for crude oil is bullish as long as the price remains above the demand zone. A break above the previous swing high would be a particularly bullish signal.