While most market participants were enjoying some time away from the screens last week, crude oil staged a highly significant breakout:
WTI Crude Daily
WTI Crude Monthly
Even Brent crude blasted through a major support/resistance zone near $106:
While we could certainly see some digestion of recent gains over the near term, the combination of highly significant breakouts on multiple time frames and extremely bullish seasonal factors likely means that crude oil prices could climb much higher over the coming weeks and months.
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