Crude Oil Technical Analysis: 13/07/2023deltawriter 13 July 2023
The price of crude oil remained above the $70 level against the US dollar and managed to surpass the resistance level of $72.50.
By examining the 4-hour chart of oil, you will notice that the price moved above the $73.50 level and settled above the 100-day simple moving average and the 200-day simple moving average.
Bulls even pushed the price above the $75 resistance level. Crude oil tested the $76 level in another bullish move and began to consolidate around that level.
From a bearish perspective, the initial support is near the $74.75 level. The next major support will be near the $74.00 level.
In the bullish trend, the first resistance is near the $76.50 level. The next resistance is near the $78.00 level, and if this level is breached, the price may move higher than that level. Then, we can consider the scenario of testing the $80 resistance level again
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