Crude Oil Breaks Higher as Chart Confirms Bullish Flag Setup
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Crude's rally back to its Iran-war high has completed a textbook bullish flag on the daily chart, with price consolidating in a tight channel before pushing through the upper trendline. Volume has picked up on the breakout candle, lending conviction to the move.
RSI is pressing toward overbought territory but has not yet flashed bearish divergence, suggesting room for further upside if fresh U.S. strikes on Iran materialize after midterm voting concludes.
A pullback toward the broken flag resistance, now acting as support, would offer a lower-risk entry for trend continuation, while a failure to hold that zone would question the breakout's validity.