The US Light Crude chart is displaying promising bullish momentum after establishing a significant double bottom at the $56 support zone. Following a sharp recovery from recent lows, the price has broken above key resistance levels and is currently trading around $61,27 with the green arrow indicating potential continuation to the upside. Technical patterns suggest there is a higher probability that crude oil prices will extend this rally toward the local top formed on April 23rd near $65, completing a broader recovery pattern. With strengthening momentum indicators and improved market sentiment, this upward move appears well-supported, especially if crude can maintain position above the current consolidation range and continue forming higher lows on the daily timeframe.
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.