Crude Tests the 40 Level Again, Oil Prices Rise this Week

WikiFX News (22 June) -Recently, the oil prices have repeatedly tested the 40 mark and encountered a resistance at 41.34. From a technical perspective, it is expected that the oil prices this week will continue to rise.

In a short term, oil prices have the potential to break the 40 front line. Since oil prices have repeatedly tested this level, combined with the head and shoulder pattern constructed on the 4-hour chart, the bulls are finally expected to make a breakthrough.

However, the more important question now is that how long this breakthrough can last, because the rise will face the test of 41.34 resistance. Therefore, after a strong breakthrough to a new high record, oil prices may soon encounter a resistance at the top of 41.34, which will limit a further upward trend.

Given the pattern of oil prices and potential breakthroughs, technically, we believe that the oil prices will rise next week.

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