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After a strong rally, crude oil faces resistance near $70.61. A bullish hammer suggests continued strength, but breaking the 50-Day MA remains crucial for upside potential.
Crude oil traded inside the prior day’s price range on Thursday, with a low of $69.39 and a high of $70.24, at the time of this writing. The inside day followed an advance to a high of $70.49 on Wednesday. That high completed a $5.10 or 7.8% advance from the $65.40 trend low reached in early March. It was a little shy of completing a 50% retracement of an interim downswing at $70.61.
That price begins a potential resistance zone up to $70.82. Prior resistance was seen at that price level previously and it achieves a 127.2% extended target for a rising ABCD pattern. At $70.61 the CD leg of the pattern is 127.2% of the price gained in the initial rise labeled AB.
