Thursday's Market Minute: Oil Continues Climbing Back To Highs

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Crude Oil futures are once again within reach of making new highs after a more than 26% climb in 23 days. The setup could be favorable for the bulls, as they need only about a 3% gain to eclipse the old yearly highs and technical indicators are showing strength in the upside move.

In terms of momentum, the MACD is steady and has neither increased nor decreased in intensity. The RSI closed in the overbought area above 70 yesterday, which is typically viewed as a sign of bullishness, while the Average Directional Index (ADX) is rising from a trough, which suggests strengthening directionality.

There is little in the way of possible resistance between here and the old highs. However, one potential stalling point could be the +1 Standard Deviation Channel near 124. For potential support, watch the area near 114 as it represents both the old March highs and the 21-day Exponential Moving Average, as bulls hoping to participate in the upside could be eyeing this as an entry point.

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.