Crude oil is back at the key resistance zone as a breakout becomes likely ...Middle East

Technically, we might have a doube bottom but we will need a break above the resistance to confirm that. Fundamentally, the uptrend should remain intact as long as things continue to improve. In my opinion, a rally to 72.00 looks very likely now.

On the 1 hour chart, we can see that we have an upward trendline defining the bullish momentum. If we get a pullback, we can expect the buyers to lean on the trendline with a defined risk below it to position for a break above the resistance. The sellers, on the other hand, will look for a break lower to increase the bearish bets into the 55.00 level next.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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