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CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX, or any of our other products work and whether you can afford to take the high risk of losing your money.
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Technical Update - Crude oil's bullish breakout: 5-8% upside potential

Technical Update - Crude oil's bullish breakout: 5-8% upside potential

Commodities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

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.

 

Source all charts and data: Saxo Group

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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