Crude Oil AnalysisOn the 4H chart, Crude Oil rose after breaching out of the cup and handle pattern, and has been trending within the sideways range between the fib ext. level 0.618 & 0.50.
Since May 7th, the prices have been trending within an ascending channel formation.
The prices have recently tested the support of the lower trendline of the ascending channel formation.
Now oil might rise towards the order block towards R2 (106.60), given that immediate resistance R1 (103.30) is successfully breached.
The prices are taking resistance at the middle Bollinger band & RSI is trending in the buying zone – signaling bullish continuation.
Alternative Scenario: A breach of the psychological support of 100-99.00 below immediate support S1 = 100.50 might drive the prices towards lower support zones
Key Levels:
R1: 103.30 R2: 106.60
S1: 100.50 S2: 97.40
Long