Crude Oil Prices Struggle To Make Good On Supportive Backdrop

Crude Oil Technical Analysis

Crude oil has seemingly overturned the downtrend from early July with a break of falling trendline resistance but prices have struggled to find follow-through past the resistance zone capped at 70.80. A breach confirmed on a daily closing basis eyes key barriers at 72.78 and 74.23 thereafter.

In the event of a false breakout and capitulation, the key support in focus seems to be at 66.35. Securing a foothold below that would suggest the broader downtrend is back in play and set the stage to challenge support zones underpinned at 63.53 and 61.56.

Crude Oil Prices Struggle to Make Good on Supportive Backdrop

Crude oil price chart created using TradingView

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