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Head of Fixed Income Strategy
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Technical Update - Crude oil's bullish breakout: 5-8% upside potential
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: A triangle breakout suggests a 5-8% upside potential for crude oil, with Brent potentially reaching 90-93 and WTI aiming for 87-90.
Brent Crude oil is currently testing resistance at around 87.35 after breaking above the 84.75 resistance level. Breaking above the resistance also meant Brent has broken bullish out the Ascending Triangle-like pattern.
There's a short-term potential up to the 1.382 projection at 89.51, with medium-term prospects extending to the 1.618 projection at 92.45.
Notable resistance levels are identified at around 90.50 and 95.05. Should Brent Crude drift back below 84.75, the bullish scenario may be invalidated.
WTI Crude oil has closed above the resistance at around 82.56 and is poised to reach the 1.382 projection of its Ascending Triangle at 84.38.
Looking ahead, there's medium-term upside potential to the 1.618 projection at 87.22, with the next significant resistance level not appearing until around 90.37.
A daily close below 79.77 could negate the bullish outlook
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