Crude oil trading analysis: US oil prices may rise to the range of $69.45 to $70.15
On Monday (March 17th) during the Asian session, US crude oil rebounded slightly, rising 1.7% at one point to $68.37 per barrel, a new high in nearly a week and a half, and currently trading around $67.69 per barrel.
Reuters technical analysts pointed out on Monday that US crude oil may break through the resistance level of $68.30 per barrel and rise to the range of $69.45 to $70.15.
The contract is currently in the C wave starting from $65.30, which briefly broke through the wedge-shaped upward trend line and resistance level of $68.30.
The wedge looks like a bullish pattern, indicating a target of $69.45. Strategically speaking, this goal will only be confirmed when the market breaks through $68.30.
A drop below $67.59 not only opens the way to the $66.45 to $67.15 range, but also indicates a shift in market sentiment from bullish to bearish.
On the daily chart, the contract has broken through the resistance level of $67.38. Breaking through this resistance level increases the opportunity for the market to test the next resistance level of $68.93.
It has been confirmed that a small double bottom has formed around $65.28, indicating a target of $69.45. This means that the resistance level of $68.93 will not be held.
Breaking through this level may open the way for an increase to $71.19.
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