Crude Oil Price Forecast: Reversal Signals Challenge Key Resistance

Group 1 - Strong short-term demand for crude oil is indicated by a wide range green candle, with a potential for higher prices if it closes above $58.61 [1] - A potential higher swing low in gold suggests an increased likelihood of breaking through the $59.00 resistance area, which would confirm a trend reversal [2] - The first target zone for an upside breakout in crude oil is identified at $60.56, with further targets at $60.77 and $61.87 based on the ABCD pattern structure [3] Group 2 - The weekly chart shows early bullish reversal signals, with a potential bullish engulfing candle indicating strength if crude oil remains strong into Friday's close [4] - A weekly close above last week's high of $58.65 would confirm a one-week reversal, countering previous bearish sentiment from the last two weeks [4]