Crude Oil Prices Rallied Higher But Were Unable To Break

Crude Oil prices rallied higher but were unable to break above the resistance floor prices at 45.30 which was a strong hurdle place. This could be analysed as a turning point for further direction.

I believe that there is a high chance to break above the resistance line and then reach towards $46-47.50 in the near term scenario. Usually this struggling can be expected on every occasion the prices try to breakout.

As per my analysis it had already broken out falling wedge resistance line around $ 43.5 which now serves as a strong support.

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