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Crude oil Gradual up move in channelized manner

Crude oil Gradual up move in channelized manner

Crude oil Gradual up move in a channelized manner


The daily chart depicts that crude oil is trading in a channelized manner since March 2021. After taking out the daily moving averages on the upside on May 24, crude oil has been moving up gradually where it also surpassed the previous swing high of $67.94 on a closing basis. The overall chart structure shows bullishness and the momentum towards the north is inline. The next target on the upside for crude oil is $73.00 whereas the support is placed at $65.00, near the previous swing low.


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