Crude oil price struggled hard to clear the resistance at 58.68 for two consecutive times. However, the crude bulls finaly managed to clear the resistance at 58.68. The bulls are currently eyeing for the critical resistance at 59.76.
A daily crossing of the price above that level might push the crude oil price towards the next resistance at 60.96. This level is going to play a crucial role. The crude bulls might struggle hard and cease its bullish momentum near the 60.96 resistance. However, breaking above that level might result in an extended bullish rally in crude oil prices.
On the downside, we need to break below 58.68 level to experience the bearish correction. Breaching of the support at 58.68 might push the crude oil price towards the next support at 57.48. From this level, we might see some bullish bounce. Strong rejection of the support at 57.48, might confirm the end of bearish correction.
However, breaking below the support at 57.48 might result in a sharp fall. Eventually, crude oil prices might head towards the major support at 55.07. This is a very crucial buying zone and any bullish price action signal might help the traders to ride the bullish trend. Considering all the parameters, the overall bias for crude oil remains bullish. But the traders are advised to stay cautious since the holiday season is coming soon.Download our latest quarterly market outlookfor our longer-term trade ideas.
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