CRUDE OIL BULL ON WINNING STREAK

After entering the triangle’s zone, the black gold was able to experience an incredible bullish momentum with six days in a row recording new highs, even breaking the ascending channel resistance and heading to three-moths high with a clear path in between.

Technically speaking, price action has been recording new highs with evident seller pressures and rejection from the top, with a clear breakout from the ascending channel created two-months ago. As price has been expanding its way apart from the 18 EMA, most probably, the market should experience a healthy correction to finding support for an uptrend continuation to the previous three-months high at around 62 handle. With 50 EMA forming a golden-cross with the 200 SMA as confirmation of the uptrend, supported by MACD bullish bias. The expected market correction could be confirmed by the Stochastic indicator deeply into an overbought zone.

Crude oil trade positive sentiment continues unstoppable, six days in a row registering new highs, where US-Iran tussle and the supply cut from the Organization of Petroleum Exporting Countries and Russia broadly known as OPEC+ has kept the black commodity bulls happy. Besides, additional fundamental concerning supply and demand, as the followed US inventories declines reported this week by the EIA department along with the US-China phase one has pushed the crude oil towards the best December since 2016.

Well-deserved enjoyment of the weekend ahead as preparations for Christmas eve is around the corner. May the market be with us.