News / Technical Analysis / Crude Oil Hits Resistance at $72.05: Key Indicators Suggest Potential Resistance Zone

Crude Oil Hits Resistance at $72.05: Key Indicators Suggest Potential Resistance Zone

Published: 18.09.2024

Crude oil rallied to a high of $72.05 on Tuesday before hitting resistance, possibly completing a 50% retracement and testing resistance at the 20-day moving average. Indicators have begun to converge, and a prior swing low at $72.24 suggests a potential resistance zone between $72.19 and $72.23. Although this range wasn't fully reached, today's high came close. The behavior of future rallies near this zone could provide insights into the market's strength or weakness.

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