Oil Prices at the Crossroads – the Next Hours Will Be Decisive

For quite a long time we have seen the growth of the market towards the upper wall of the yellow channel. The main target for bulls is the resistance level of 64.45, which is on the specified bound.

Given the fact that the bulls continue to maintain their positions above the moving average, it can be concluded that they have sufficient potential to reach this target level within the next trading weeks.

A break below the moving average near the level of 59.65 may hint at a weakening of the bullish potential. In this case, the probability of a downtrend to the lower wall of the yellow channel and the support level of 52.15 will increase.