The opening price of WTI in 2023 was at $80.50. The price movement since the beginning of the year had been between $72 and $82 per barrel. Before this week’s rally to $83 per barrel, the highest price of crude oil had been $82.56 which was between January 18 and 23. A breakout to the downside was imminent which we wrote in our previous article. On the 14th of March, the price of crude oil reached a new 2023 low as a result of the downward breakout as price reached $64.
There was a price rally mid-March which made price reach the upper region of the Bollinger Bands. On the first trading day of April, there was a gap up in the price of Oil. The closing price on March 31st was $75, but as a result of the gap up, price was able to cross the psychological level of $80 on the first trading day of April 2023. We might see price reach a new psychological level at $90 in the coming weeks.
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