Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Crude Oil futures were trading sharply higher by $2 at $44.56 in Friday's session. At the current high for the day ($45.04), it was over $7 above its multi-year low ($37.75) that was made on Monday.
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After adding nearly $4 on Thursday (rallying from $38.60 to $42.56), it has added nearly $2.50 when it reached $45.04. It has not traded over $45 since August 11 when it peaked at $45.88.
During after-hours trading, it declined from the close ($42.56) before finding support at $41.78 and resuming its rally from Thursday. Since reaching its high for the day, it has been finding intra-day support at $44 level.
If the rally continues through the intra-day high, there may be some additional resistance at the quad of highs from $44.55 to $45.88 on August 6-11.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.