Oil breaks above technical resistance and has upside room to $85 per barrel - BTIG

seekingalpha01-30

BTIG outlined on Monday morning that prices of crude oil (CL1:COM) have broken above a key downward technical resistance line, indicating that the commodity has room for upside to possibly $80-$85 per...

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The financial institution added that oil pushed above a separate pivotal horizontal trend line which further supports a topside move. “WTI crude firmly through downtrend as well as horizontal resistance ($75). There is some resistance at $80, then room towards $85,” BTIG stated in an investor note. In Monday's midday trading, oil prices were hovering near $76.90 per barrel and are higher in 2024 by 8.1%. Earlier in the day, oil tagged highs that it has not experienced since November 30. Also lending support to the oil market are ongoing tensions in the Middle East with Houthi militants continuing attacks on the Red Sea and the Bab al-Mandab Straight. See the below technical chart of oil provided by BTIG:  For market participants that want to learn and analyze more information around the oil and energy space they may wish to look towards exchange traded funds. Listed are some of Wall Street’s most popular oil and energy focused ETFs: (NYSEARCA:USO), (NYSEARCA:UCO), (DBO), (SCO), (OILK), (USL), (NYSEARCA:XLE), (VDE), (XOP), (OIH), (AMLP), (AMJ), (IXC), (FENY), and (IYE).  More on Crude Oil Oil prices in focus after drone attack kills three U.S. troops, escalating Mideast crisis Energy stocks score best week since March as oil prices ride Middle East tensions USO: OPEC Gets Wrecked By U.S. Shale Amid Poor Economic Growth Crude oil surges to YTD highs on U.S. economic strength, continued global turmoil Q1 Starts With A Bang As Oil Inventories Draw","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2407892883"}