Breaks above a swing area near $69.62
The price of crude oil has moved above the natural resistance at the $70 level. Along the way, the price was able to crack above swing highs from August 12 and August 30 which both came in around the $69.64.. Getting above that ceiling gave buyers more control.
Drilling down to the hourly chart, the move above the $69.64 area opened the door for the run higher and above the $70 level. The next target comes in at a downward sloping trendline at $70.64. Above that sits the 61.8% retracement of the move down from the August high at $71.16. Traders will use the old double top at $69.64 as a risk defining level from a technical perspective now.