Crude oil broke above key triangle resistance at 86.50, targeting the 91.00 level as Middle East tensions drive prices higher.
Oil managed to break above the triangle formation resistance at 86.50 to add more advance towards the 91.00 zone as war escalates in the Middle East.
As we see over the chart, the market faces supports at 87.00 and 85.00 where each support has the chance to keep the advance wave ongoing towards the 93.00-95.00 resistance zone.
The resistance zone of 93.00-95.00 could push for a drop correction.
SUPPORT | RESISTANCE | |
LEVEL1 | 87.00 | 91.00 |
LEVEL2 | 85.00 | 93.00 |
LEVEL3 | 79.50-80 | 95.00 |
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