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Crude Oil Prices Brace for a Breakout

Crude Oil Prices Brace for a Breakout

Walker England, Forex Trading Instructor

Talking Points

Crude Oil prices have stalled and are consolidating under the 2016 high of $51.64. Traders are now turning to a developing symmetrical triangle to plan for Crude Oils next technical breakout. As seen below, resistance for this triangle has been created by connecting a series of lower highs starting with the October high at $51.60. In the event of a bullish breakout for Crude Oil prices traders should first look for prices to move above last Friday’s high of $51.12, followed by a move on other values of resistance.

Alternatively, bearish breakouts may begin under Monday’s low at $49.45. If Crude Oil prices trade below this value, it would place the commodity beneath the ascending line of triangle support depicted below. Confirmation for this bearish breakout may be found by seeing Crude Oil prices trade back below the October 10th low at $49.18 and then the August 19th high of $49.09.

Crude Oil Prices 1 Day, Triangle Support & Resistance

Crude Oil Prices Brace for a Breakout

(Created using TradingView Charts)

Intraday, Crude Oil prices are now testing resistance near $50.32. This area is denoted in the graph below as the R3 pivot point, and acting range resistance for the session. In the event that Crude Oil trades below this point, it opens the commodity up to a decline towards values of support. Today’s S3 pivot is found at $49.72 an is acting as support for the sessions intraday trading range. It should be noted that today’s range measures $0.60, and this value may be considered for extrapolating potential breakout targets.

In the event that the price of Crude Oil breaks above the R3 pivot, intraday bullish breakouts may be signaled above $50.62. By extrapolating a 1X extension of the range, intraday bullish breakouts may intially target $51.22. Alternatively, bearish breakouts in Crude Oil may begin below $49.42. Intial tragets include a move towards $48.82. A breakout below this point should be considered significant as it would place Crude Oil prices outside of the previously identified daily triangle.

Crude Oil Prices 30 Minute, Intraday Support & Resistance

Crude Oil Prices Brace for a Breakout

(Created using TradingView Charts)

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.