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After a strong rally from April 2020 to April 2022 where crude oil peaked at 130.50 last year, crude oil has corrected lower to test solid support at 66.20 and now seems ready to rally higher again. Short-term we would like to see a firm break above minor resistance at 83.34 that will confirm that crude oil has bottomed for now and a new impulsive rally is unfolding towards the former peak at 130.50 and ultimately above here too for a continuation towards an all-time high at 147.27.
For now, we are focused on resistance at 83.34. A likely break above here will confirm that the correction for the past year has been completed and a new rally towards 130.50 is in motion.
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